Credit Card Payoff Calculator
How long until the balance hits zero — and what the interest really costs. Run it from the payment you can afford, or flip it to find the payment that clears the card by a target date.
Time to pay off
3y 0m
Total interest
$2,000.56
Total paid
$7,000.56
Assumes no new charges on the card and a fixed APR. Card issuers compound daily in practice, which lands within a dollar or two of this monthly model — close enough for planning. Paying more than the minimum cuts payoff time dramatically.
Why Card Debt Lingers
Every month, interest is added before your payment is subtracted — at 24% APR, a $5,000 balance grows by $100 before a $200 payment cuts it to $4,900. Only the part of your payment above the interest reduces the principal, which is why minimum payments (typically interest plus 1% of balance) stretch payoffs across decades.
The math at 24% APR on $5,000
Monthly interest = balance × (APR ÷ 12) = $100 to start Pay $200/mo → 36 months, ~$2,000 interest Pay $300/mo → 21 months, ~$1,144 interest Pay $500/mo → 12 months, ~$634 interest Each extra $100/month saves months and hundreds in interest.
Frequently Asked Questions
Why does paying the minimum take decades?
Minimums are typically interest plus just 1% of the balance, and they shrink as the balance falls — so the principal barely moves and the payoff stretches. A $5,000 balance at 24% APR on minimum payments takes over 20 years; a fixed $200/month clears it in under 3.
Should I pay the highest-APR card or the smallest balance first?
Highest APR first ('avalanche') is mathematically optimal — every dollar goes where interest is most expensive. Smallest balance first ('snowball') costs somewhat more but retires whole cards faster, which keeps many people motivated. Either beats spreading extra payments evenly.
Are 0% balance transfers worth it?
Often, if you do the math on the fee: transfers typically cost 3–5% upfront for 12–21 months at 0%. Moving $5,000 for a 3% fee ($150) saves roughly $1,000 of 24%-APR interest over a year — but only if you actually pay it down during the promo window and don't run the old card back up.
Will paying off my card raise my credit score?
Usually, and sometimes quickly — credit utilization (balance ÷ limit) is about 30% of a FICO score, and it has no memory: the score reflects your current reported balances. Keep the paid-off card open, though; closing it shrinks your available credit and can push utilization back up.