Credit Card Payoff Calculator
Find out how long it will take to pay off your credit card debt and how much interest you'll pay.
Average credit card APR: ~22–27%
Minimum Payments
100 yrs 0 mo
to pay off
$72,377
total interest
Fixed $200/mo
2 yrs 11 mo
to pay off
$1,871
total interest
You save $70,506 in interest vs. minimum payments!
Formula
Calculates payoff timeline based on balance, interest rate (APR), and monthly payment. Higher payments reduce interest paid.
Months to Payoff = -log(1 - (Balance × Monthly Rate / Payment)) / log(1 + Monthly Rate)
Worked Example
$5,000 balance at 18% APR, paying $150/month:
- Balance: $5,000
- APR: 18%
- Monthly payment: $150
- Months to payoff: 47 months (~3.9 years)
- Total interest paid: $1,984
Common Questions
How much should I pay monthly?
Minimum (2–3% of balance) keeps you in debt for years. $200 vs. $150 on a $5k balance saves 15 months and $670 in interest.
Should I pay off multiple cards?
Avalanche (highest rate first) saves the most interest. Snowball (smallest balance first) provides psychological wins. Pick what motivates you.
Can I negotiate a lower rate?
Call your issuer and ask. If you have good credit and payment history, you can often get 2–5% knocked off.
Key Takeaways
- Credit card debt is expensive (15–25% APR)—prioritize paying it off over investing.
- Paying $50 extra per month can cut years off your payoff timeline and save thousands in interest.
- Once cleared, avoid rebuilding debt—use cards for rewards, pay in full monthly.