Carrying a balance costs you interest every month, so the plan you choose changes the payoff date and the total cost. Enter your balance and APR, then work it two ways: in By payment mode, type what you can pay each month to see how many months it takes to clear and the interest you will pay; in By timeframe mode, pick a target number of months and it works out the fixed monthly payment you need. Interest is charged monthly at the APR divided by 12, and both modes assume you stop adding new charges.
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Months to pay off—
Total interest—cost of borrowing
Total paid—balance + interest
How to Calculate Your Credit Card Payoff
Enter two numbers, pick how you want to plan, and read the payoff.
1
Enter balance and APR
Type the balance you are carrying and the card's annual interest rate (APR) from your statement.
2
Choose how to plan
Use By payment to enter a monthly amount, or By timeframe to set a target number of months to be debt-free.
3
Read the payoff
See the months to clear (or the payment needed), the total interest and the total paid. Consolidating? Try the Loan Calculator.
Frequently Asked Questions
How long will it take to pay off my credit card?
It depends on three things: your current balance, the card's APR and how much you pay each month. In By payment mode, enter those three and the calculator steps through the balance month by month — each month it adds interest at the APR divided by 12, subtracts your payment, and repeats until the balance reaches zero — then reports the number of months (shown as years and months too), the total interest and the total you will have paid. As long as your monthly payment is larger than the first month's interest, the balance will clear; the bigger the payment, the sooner that happens and the less interest you pay.
How is credit card interest calculated?
Credit card interest is charged on the balance you carry, and this tool uses the common monthly method: it takes your annual percentage rate (APR), divides it by 12 to get a monthly rate, and applies that to the balance each month. So a 22% APR works out to about 1.83% a month; on a 5,000 balance that is roughly 91 in interest in the first month alone. Real card issuers usually compound daily on the average daily balance, which can differ by a few dollars, but the monthly approximation is close enough to see how long a balance takes to clear and what it costs. The calculator assumes a fixed APR for the whole payoff.
Why does paying only the minimum cost so much?
A minimum payment is deliberately small — often just interest plus a sliver of principal — so most of what you send goes to interest rather than shrinking the balance. That stretches the payoff over years and piles up interest, because interest keeps accruing on the slowly falling balance the entire time. Try it: put your balance and APR into By payment mode with a low payment, then a higher one, and watch the months and total interest drop sharply. Paying even a little more than the minimum each month can cut the payoff time and total cost dramatically.
How much should I pay each month to clear it by a date?
Switch to By timeframe mode. Enter your balance, the APR and the number of months you want to be debt-free in, and the calculator solves for the fixed monthly payment that clears the balance in exactly that time. It uses the standard amortization formula, the same math a loan uses, so the payment covers both the interest each month and enough principal to reach zero on schedule. It also shows the total interest and total paid for that plan, so you can try a few target dates and pick the monthly payment that fits your budget.
Does the calculator assume I stop adding new charges?
Yes. Both modes assume no new spending on the card — you are paying down a fixed starting balance and nothing gets added along the way. In real life, putting fresh purchases on the same card raises the balance and pushes the payoff date back, so the months and interest here are a best case that holds only if you stop charging to the card while you pay it off. It also assumes a single fixed APR and no fees such as late or annual charges. Treat the result as a clear plan for a frozen balance, then adjust if your real spending or rate changes.