Credit Card Payoff Calculator
See exactly how long it takes to pay off your credit card balance and how much interest you'll pay — and how a larger monthly payment changes the math.
Credit Card Payoff Calculator
See how long it takes to pay off your balance and how much interest you'll pay
At $250.00/month, you'll pay off this card in 26 months and pay $1,285.72 in interest. Paying just $50 more per month could cut your payoff time dramatically.
Assumes a fixed APR and a fixed monthly payment with no new purchases. Interest is charged on the average daily balance, so making payments earlier in the cycle reduces interest slightly more than shown. The average US credit card APR was above 20% in 2026. Minimum payments typically only cover 1-2% of the balance, which is why carrying a balance is so expensive.
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Frequently Asked Questions
How long does it take to pay off a credit card?+
At the minimum payment (usually 1-2% of balance), a $5,000 balance at 20% APR takes 30+ years and costs $15,000+ in interest. Paying $250/month pays it off in 2.4 years with about $2,000 in interest. This calculator shows your exact payoff time.
What is the quickest way to pay off credit card debt?+
Pay off the highest-APR card first (avalanche) while paying minimums on the rest — you save the most in interest. Use windfalls and extra income as lump-sum payments. Consider a 0% balance transfer card (save thousands in interest) but avoid new purchases.
Do minimum payments cover the interest?+
Usually yes, barely — a typical minimum of 1-2% of the balance just covers the monthly interest plus a tiny principal amount. If your payment doesn't cover the monthly interest, the balance grows no matter what you pay, so you must increase your payment.
How long does it take to pay off a credit card?
At the minimum payment (usually 1-2% of balance), a $5,000 balance at 20% APR takes 30+ years and costs $15,000+ in interest. Paying $250/month pays it off in 2.4 years with about $2,000 in interest. This calculator shows your exact payoff time.
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