Credit Card Payoff Calculator

Your card

Minimum-payment comparison (example assumption)

Example assumption only: card issuer minimum-payment formulas vary (some use 1% of the balance plus interest and fees). Your statement shows your card's actual minimum and how long it would take to pay off.

Interest is figured monthly at APR ÷ 12, added to the balance, then your payment comes off. Card issuers usually charge interest daily on the average daily balance, so real totals can differ slightly. Paying several cards or loans? Compare payoff orders with the debt snowball vs avalanche calculator.

Plan every card, month by month

The Debt Payoff Planner spreadsheet handles up to 10 debts, ranks them by snowball or avalanche, and builds a 120-month payment schedule with a debt-free dashboard you can update as balances change. Excel and Google Sheets, instant download.

Questions

How long will it take to pay off my credit card?

Each month the calculator adds interest at the monthly rate (APR divided by 12) to the balance and subtracts your payment until the balance reaches zero. With a fixed payment P, balance B and monthly rate r, that takes about -ln(1 - rB/P) / ln(1 + r) months, rounded up to the final smaller payment.

How much do I need to pay to be debt-free by a target date?

Use the standard amortization payment: P = B x r / (1 - (1 + r)^-N), where B is the balance, r is APR divided by 12 and N is the number of months. Total interest is P x N minus the balance. This assumes no new charges on the card.

Why does paying only the minimum take so long?

Minimum payments are usually a small percentage of the balance, so they shrink as the balance falls and most of each payment goes to interest. Formulas vary by issuer; this page uses 2% of the balance or $25, whichever is larger, as an editable example.

What if my payment doesn't cover the interest?

If your monthly payment is less than or equal to the monthly interest (balance x APR / 12), the balance never goes down. The calculator warns you and shows the interest you need to beat.

Is this financial advice?

No. It's a free planning tool. Real cards compound daily, can change rates, add fees or run promotional APRs, so results are estimates. Have several debts? Use the debt snowball vs avalanche calculator.