Credit Card Payoff Calculator
See how long it will take to pay off a balance with a fixed monthly payment, or find the payment needed to pay it off by a target date.
Balance and rate
How credit card interest adds up
Credit cards typically charge interest monthly on the remaining balance, and because balances usually don't shrink evenly, this calculator simulates the payoff month by month rather than using a single formula — each month's interest is calculated on the current balance, then the rest of the payment reduces principal.
Frequently asked questions
Why is my minimum payment sometimes not enough? Many card issuers set minimum payments low enough that they barely cover the monthly interest, especially on high balances at high APRs — if your payment doesn't exceed the interest charge, the balance never shrinks.
Does paying more than the minimum really make a big difference? Yes — because credit card APRs are usually much higher than other consumer debt, even a modest increase in your monthly payment can cut years and a large amount of interest off the payoff timeline.
Should I pay off the highest-balance or highest-rate card first? If you have multiple cards, see the Debt Payoff Calculator, which compares the "avalanche" (highest rate first) and "snowball" (smallest balance first) strategies side by side.