Credit Card Payoff Calculator
See how many months it takes to pay off a credit card and the total interest you will pay from your balance, APR, and monthly payment. Free and accurate.
Calculator by Toolsloft ↗- Months to payoff
- 32
- Total interest
- $1,313.96
- Total paid
- $6,313.96
This calculator shows how long it takes to pay off a credit card with a fixed monthly payment, plus the total interest and total amount you pay. Use it to set a payment that clears the card by a target date and to see what extra payment buys you.
How this is calculated
It runs a month-by-month simulation, adding interest at APR divided by 12 to the balance and subtracting your fixed payment each month until the balance is gone; if the payment is at or below the monthly interest it flags that the card never clears.
How to use
- Enter your current credit card balance.
- Enter the card APR and the fixed amount you pay each month.
- Read the months to payoff, total interest, and total paid.
Examples
- $5,000 at 18% APR, $200/mo:
32 months, $1,313.96 interest - Payment too low:
$1,000 at 24% APR, $20/mo never clears
FAQ
- How is the payoff time calculated?
- Each month interest is added to the balance (APR ÷ 12 ÷ 100), then your payment is subtracted. The calculator repeats this until the balance reaches zero, counting the months.
- Why does a too-low payment never clear the balance?
- If your monthly payment is less than or equal to the monthly interest charged on the balance, the interest added each month meets or exceeds what you pay, so the balance never shrinks. You must pay more than the monthly interest to make progress.
- What is total interest?
- The sum of all interest charged across every month until the balance is paid off, the extra cost of carrying the balance.