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Mortgage & Loans
Credit Card Payoff Calculator — Months, Interest & Total Paid
How long until it's gone, what the interest really costs, and the payment that gets you there
This calculator is built for one credit card at a time — pick a single balance, its APR, and a payment, and watch exactly how the payoff plays out month by month. It answers the question in two directions: enter a fixed monthly payment and see how many months until that card hits zero, or enter a target number of months and see the payment it takes to get there. (Juggling several cards at once? That's a different problem — see the section below.)
Credit cards charge interest monthly, not yearly. Your card's APR (annual percentage rate) is divided by 12 to get a monthly rate. So a 24% APR is really 2% per month on whatever balance you carry. Each month the card adds interest first, then your payment knocks down the rest.
The month-by-month formula is simple:
Monthly interest = balance × (APR ÷ 12 ÷ 100)
New balance = old balance + interest − your payment
Repeat until the balance hits zero. That's exactly what this calculator does in a loop, so you see the real number of statements — not a rough yearly approximation.
Worked example. Balance $5,000, APR 20%, payment $200/month. The monthly rate is 20 ÷ 12 ÷ 100 = 0.016667. Month 1 interest = 5,000 × 0.016667 = $83.33, so $200 − $83.33 = $116.67 goes to principal, leaving $4,883.33. Month 2 the interest is slightly smaller because the balance shrank, so a little more of your $200 hits principal. Keep looping and the card is paid off in 33 months, with about $1,522 in total interest and $6,522 total paid. You borrowed $5,000 and handed the bank an extra $1,522 for the privilege.
The minimum-payment trap — the whole reason this page exists. Card issuers set the minimum payment as a small percentage of the balance (often around 1–3% plus that month's interest). Because the minimum shrinks as the balance shrinks, the principal portion gets tinier every month and the payoff stretches out for a decade or more. On that same $5,000 at 20% APR, a 2%-of-balance minimum starts near $183 but drops fast, dragging the payoff past 20 years and well over $8,000 in interest. Paying a fixed amount — even the same starting dollar figure — beats the shrinking minimum every time, because every later payment carries more principal.
The flat-line version of the trap: if your payment is less than (or equal to) the first month's interest, you will never pay it off — the balance stalls or grows forever. At 20% APR on $5,000, the first interest charge is $83.33, so any payment of $83.33 or less is a pure treadmill. The fix is always the same: pay a fixed amount above the interest and never let it drop. Even an extra $50 a month shaves years and hundreds of dollars off this single card.
Got more than one card? This tool deliberately stays focused on a single balance; to compare paying several cards separately versus rolling them into one lower-rate loan or 0% balance transfer, use our Debt Consolidation Calculator instead.
This calculator gives informational estimates only and is not financial advice. It assumes a fixed APR and no new purchases; your card's actual interest, fees, and minimum-payment rules may produce different results.
Calculator
Fill in the fields and click "Calculate" for instant results.
📰 Formula
• Monthly rate r = APR / 12 / 100 • Monthly interest = balance × r • New balance = balance + interest − payment • Repeat the loop until balance ≤ 0 • Payment for a target N months: P = balance × r / (1 − (1 + r)^−N) • Total interest = sum of all monthly interest; Total paid = balance + total interest
📰 Formula
• Monthly rate r = APR / 12 / 100 • Monthly interest = balance × r • New balance = balance + interest − payment • Repeat the loop until balance ≤ 0 • Payment for a target N months: P = balance × r / (1 − (1 + r)^−N) • Total interest = sum of all monthly interest; Total paid = balance + total interest
🧪 Worked examples
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Example 2
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Example 3
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Example 4
⚠️ Common mistakes
- Using the APR as a monthly rate instead of dividing it by 12.
- Setting a payment at or below the first month's interest (the balance never clears).
- Forgetting that interest accrues every month, so total paid is more than the balance.
- Assuming the minimum payment will clear the card quickly — it's built to do the opposite.
💡 Tips
- Any payment above the first month's interest will eventually clear this card — more is faster.
- Pay a fixed dollar amount, not the shrinking minimum — the fixed payment puts more toward principal every month.
- Round your payment up — even $25–$50 extra a month shrinks both the months and the interest on this card.
Embed this calculator on your site
Copy the code below and paste it into the HTML of your site or blog.
<iframe src="https://www.calcnimbus.com/embed/credit-card-payoff-calculator" width="100%" height="500" frameborder="0" style="border:1px solid #eee;border-radius:12px"></iframe>
❓ Frequently asked questions
How long will it take to pay off my credit card?
It depends on your balance, APR, and monthly payment. Each month interest is added (balance × APR ÷ 12 ÷ 100), then your payment is subtracted. For example, $5,000 at 20% APR paid at $200/month clears in about 33 months.
How is credit card interest calculated each month?
Take your APR, divide by 12 to get the monthly rate, then multiply by your balance. A 20% APR is 1.667% per month, so $5,000 accrues about $83.33 in interest the first month.
Why does my balance barely go down with the minimum payment?
Minimum payments are usually set just above the monthly interest, so most of your money covers interest and only a little touches the principal. That's why a card can take 10+ years to pay off at the minimum.
What happens if my payment is too low?
If your monthly payment is less than or equal to the first month's interest charge, the balance never goes down — it stays flat or grows. You must pay more than the monthly interest to make progress.
How much should I pay to be debt-free in a year?
Use the target-months mode. The payment is balance × r ÷ (1 − (1 + r)^−12), where r is the monthly rate. For $5,000 at 20% APR, paying it off in 12 months takes about $463 a month.
How much total interest will I pay on my credit card?
Total interest is the sum of every month's interest until the balance hits zero. On $5,000 at 20% APR paid at $200/month, you'd pay roughly $1,522 in interest, for $6,522 total.
Why is a fixed payment better than paying the minimum each month?
The minimum is a percentage of the balance, so it shrinks as the balance shrinks — less principal goes down every month and the payoff drags on for years. A fixed dollar amount stays put, so each later payment chips away more principal and clears the card far sooner. Lock in one number and don't let it drop.
Does this calculator assume I stop using the card?
Yes. It assumes no new purchases and a fixed APR. If you keep charging to the card, the balance and payoff time will be higher than the estimate shown.
What's the difference between APR and the monthly interest rate?
APR is the yearly rate the card quotes. The monthly rate is APR divided by 12, and that's what's actually applied to your balance each statement. A 24% APR equals a 2% monthly rate.