Credit card payoff calculator

How long will it take to pay off your credit card?

See the months to a zero balance and the interest you pay, at a fixed payment or the card's minimum.

Card balance

Each month you pay

Card interest rate

Monthly payment

Time to pay off

2 years, 1 month

You pay $679.80 in interest, $3,679.80 in total.

The first month's interest is $50.00: a payment must be larger for the balance to fall.

Assumes no new purchases or fees and interest of the yearly rate ÷ 12 on each month's balance. Your card's terms decide the actual amounts.

Total paid

Card balance $3,000.00 · 82%
Total interest $679.80 · 18%

= Total paid $3,679.80

Payment to be debt-free in

Payment to be debt-free in
Paid off in	Monthly payment	Total interest
12 months	$277.90	$334.84
24 months	$152.69	$664.50
36 months	$111.49	$1,013.67
60 months	$79.48	$1,768.90

Credit card payoff by month

$3,000.00 repaid in 25 monthly payments; interest $679.80 in total.

Principal
Interest
Remaining balance

Credit card payoff by month
Month	Principal	Interest	Remaining balance
1	$100.00	$50.00	$2,900.00
2	$101.67	$48.33	$2,798.33
3	$103.36	$46.64	$2,694.97
4	$105.08	$44.92	$2,589.89
5	$106.84	$43.16	$2,483.05
6	$108.62	$41.38	$2,374.43
7	$110.43	$39.57	$2,264.00
8	$112.27	$37.73	$2,151.73
9	$114.14	$35.86	$2,037.59
10	$116.04	$33.96	$1,921.55
11	$117.97	$32.03	$1,803.58
12	$119.94	$30.06	$1,683.64
13	$121.94	$28.06	$1,561.70
14	$123.97	$26.03	$1,437.73
15	$126.04	$23.96	$1,311.69
16	$128.14	$21.86	$1,183.55
17	$130.27	$19.73	$1,053.28
18	$132.45	$17.55	$920.83
19	$134.65	$15.35	$786.18
20	$136.90	$13.10	$649.28
21	$139.18	$10.82	$510.10
22	$141.50	$8.50	$368.60
23	$143.86	$6.14	$224.74
24	$146.25	$3.75	$78.49
25	$78.49	$1.31	$0.00

See the months to a zero balance and the interest you pay, at a fixed payment or the card's minimum.

How to use

Enter what you owe on the card now and its yearly interest rate.
Choose a fixed monthly payment, or the card's minimum payment rule (a percent of the balance with a smallest amount).
Read the months to a zero balance and the interest, then compare the payments that clear the card in one to five years.

How it works

Each month the card charges interest on what you still owe, and your payment first covers that interest. Only the rest lowers the balance. The bigger the share of your payment that goes past the interest, the faster the debt ends.

The monthly interest is I = B × r / 12, where B is the balance and r the yearly rate. Paying a fixed P, the number of months is n = −ln(1 − B·r/12 / P) / ln(1 + r/12).

A minimum payment shrinks with the balance, so it pays off slowly and costs far more interest; the US Consumer Financial Protection Bureau warns about this on its credit card pages. The method follows Microsoft's NPER and PMT references for equal monthly periods.

The estimate assumes no new purchases, fees, promotional rates or daily interest, and rounds interest to the cent each month. The statement from your card issuer is the final word.

Worked example

How quickly does a €1,200.00 balance clear at €100.00 a month with no interest?

€1,200.00 ÷ €100.00 = 12.

12 months, assuming no fees or new purchases.

Frequently asked questions

Why does paying only the minimum take so long?

The minimum is a percent of the balance, so it falls as the balance falls, and most of it goes to interest. A fixed payment keeps the same amount working on the debt every month.

What if the result says never?

Your payment is no larger than the month's interest, so the balance stays the same or grows. Any payment above the first month's interest, shown under the result, will end the debt.

Which rate should I enter?

The card's yearly purchase interest rate from your statement or terms. If the card states an effective rate that includes fees, the result is only an approximation.

Can I keep using the card during repayment?

New spending is not included. It increases the balance and can extend the payoff time beyond this estimate.

Will the last payment be smaller?

It can be. The final payment only covers the remaining balance and that month’s interest.

More in Money & finance

All 38 utilities in Money & finance