Credit Card Payoff Calculator
Enter your balance, APR, and monthly payment — we'll tell you exactly when you'll be debt-free and how much interest you'll pay along the way.
Results update instantly. We never store your data.
Enter your numbers and click Calculate My Payoff
to see your debt-free date.
How to Use the Credit Card Payoff Calculator
This tool shows you exactly when you'll pay off your credit card and how much interest you'll pay along the way. Understanding these numbers is the first step to getting out of credit card debt faster.
Step 1: Enter Your Balance
Type in your current credit card balance — the total amount you owe. You can check this on your latest statement or banking app.
Step 2: Enter Your APR
The Annual Percentage Rate is your card's interest rate. You can find it on your monthly statement. The average credit card APR in the US is around 24.99%, but it can range from 15% to 30%+.
Step 3: Enter Your Monthly Payment
This is how much you plan to pay each month. Important: paying only the minimum will keep you in debt for years. Try increasing your payment by even $50/month — you'll be shocked at how much time and money it saves.
Step 4: Review Your Results
See your debt-free date, total interest cost, and compare your plan against making only minimum payments. Use the month-by-month breakdown to track your progress.
Why Pay More Than the Minimum?
Here's a real example: a $5,000 balance at 24.99% APR:
- Paying $200/month: You'll be debt-free in 36 months (3 years) and pay $2,135 in interest.
- Paying minimums (~$102/month decreasing at 2%): With the typical 2% minimum payment formula, this balance could take decades to pay off — the interest outpaces the payments, making it extremely difficult to eliminate.
- Paying $300/month: Just 21 months (1 year 9 months) and $1,206 in interest — you save $929!
This is why paying more than the minimum — even a little more — makes a huge difference in your financial future.
Related Calculators
- Credit Card Interest Calculator — See how much interest accrues daily
- Minimum Payment Calculator — See the true cost of paying only minimums
- Balance Transfer Calculator — Check if a 0% balance transfer saves you money
- Debt Payoff Calculator — Plan to pay off multiple cards
- APR Calculator — Understand your card's true interest cost
- How Long to Pay Off Credit Card — Quick estimate for your situation