About this calculator
Each month, interest of balance × APR ÷ 12 is added, then your payment comes off. If the payment is less than the monthly interest, the debt never shrinks. Paying more each month cuts both the time and the total interest sharply.
Worked example
A 15,000 balance at 30% APR, paid at 1,000 a month, takes 1 year 8 months to clear and costs about 4,035 in interest. Paying 300 a month would never clear it — the interest alone is 375.
How to use the credit card payoff calculator
- Enter the card balance.
- Enter the interest rate (APR).
- Enter the monthly payment.
- Read the result — it updates as you type.
Frequently asked questions
Why does paying the minimum take so long?
Minimum payments are set just above the monthly interest, so very little goes to the balance each month.
Should I clear the highest-rate card first?
Paying extra on the highest-rate debt first (the “avalanche” method) costs the least interest overall.