Home › Credit Card Payoff Calculator
Credit Card Payoff Calculator
Free credit card payoff calculator. See how long it takes to pay off your balance and how much interest you will pay.
Balance vs. Interest
Frequently Asked Questions
How long will it take to pay off my credit card?
That depends on the balance, the APR, and how much you pay each month. The calculator runs the balance month by month, charging interest and applying your payment, until it reaches zero.
Why is so much of my payment going to interest?
Interest is charged on the balance each month at roughly the APR divided by 12. On a $6,000 balance at 22.9%, the first month's interest alone is about $114, and only what remains of your payment reduces the balance.
What happens if I only pay the minimum?
Minimum payments are often around 1% to 3% of the balance plus interest, which stretches payoff over many years and multiplies the interest paid. If a payment is smaller than the monthly interest, the balance grows and the calculator flags it.
How much does paying extra save?
A lot, because every extra dollar goes straight to principal and stops accruing interest. Add an amount in the extra payment field to compare payoff time and total interest side by side.