Credit Card Payoff Calculator
See exactly how long your credit card balance will take to clear at your current payment, how much interest it costs, and what payment kills it by your target date.
Time to pay off at your payment
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Total interest paid —
Total paid —
Payment to clear in target months —
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How it works
Months n = −ln(1 − B·r/M) ÷ ln(1+r), where r = APR/12Frequently Asked Questions
Why does paying the minimum take so long?
Minimum payments are usually 1–3% of the balance, barely more than the monthly interest, so almost nothing hits the principal. A $5,000 balance at 24% APR with $125 minimums takes over 5 years and roughly doubles in cost.
How much should I pay to clear my card in a year?
Use the target-months mode below: on $5,000 at 24% APR, clearing it in 12 months takes about $470/month. Every extra dollar above the interest charge goes straight to principal.
Does APR compound daily on credit cards?
Most cards accrue interest daily (APR ÷ 365) and bill monthly. This calculator uses monthly compounding, which matches the billed amounts within a few dollars.