Two ways to plan your payoff
- Fixed monthly payment — enter what you can pay each month. The calculator shows how many months it takes to reach zero and how much interest you pay along the way.
- Target number of months — pick a deadline, such as 24 months, and see the monthly payment needed to hit it.
Both modes assume you stop adding new charges to the card. If you keep spending on it, the payoff takes longer than shown.
How credit card interest works
The APR is a yearly rate, but interest is charged monthly. Dividing the APR by 12 gives the monthly rate: 22% APR is about 1.833% a month, so a $6,000 balance collects about $110 of interest in the first month. Issuers actually apply a daily rate to your average daily balance, so the exact amount depends on the number of days in the billing cycle, but the monthly approximation is close.
Carrying a balance also usually costs you the grace period, meaning new purchases start collecting interest right away instead of after the due date.
The payoff formulas
Months to pay off a balance B with payment P at monthly rate r:
n = −ln(1 − r × B ÷ P) ÷ ln(1 + r)
Payment needed to clear it in n months:
P = B × r ÷ (1 − (1 + r)−n)
If the payment is no more than the first month’s interest (P ≤ B × r), the first formula breaks down: the balance never shrinks, which is why the calculator asks for a larger payment.
Example: $6,000 at 22% APR
| Monthly payment | Time to pay off | Total interest | Total paid |
|---|---|---|---|
| $150 | 6 years, 1 month | $4,913 | $10,913 |
| $200 | 3 years, 8 months | $2,791 | $8,791 |
| $300 | 2 years, 2 months | $1,543 | $7,543 |
| $400 | 1 year, 6 months | $1,081 | $7,081 |
| $500 | 1 year, 2 months | $839 | $6,839 |
Raising the payment from $150 to $300 cuts the interest by about $3,371. Because interest is charged on what is left, every extra dollar early on saves interest in every month after it.
Strategies to get out faster
- Avalanche: pay the minimum on every card and put all extra money toward the highest APR. This costs the least interest.
- Snowball: put extra money toward the smallest balance first. It costs a bit more, but quick wins keep some people motivated.
- Balance transfer: a card with a 0% introductory rate can stop interest for a set period, usually for a transfer fee. Use the target-months mode with a 0% APR, the fee added to the balance and the promo length as the target to see the payment needed to clear it in time.
- Consolidation loan: a personal loan at a lower fixed rate turns card debt into a set schedule. Compare it in the loan calculator.
- Ask for a lower APR. Card issuers sometimes reduce the rate for customers with a good payment history who ask.
Why minimum payments take so long
Minimum payments are usually a small percentage of the balance, or the month’s interest plus a small percentage, so they shrink as the balance falls and the payoff drags on for years. Your statement includes a minimum payment warning showing how long paying only the minimum would take. A fixed payment that stays the same as the balance drops is much faster. Results here are estimates; if the debt feels unmanageable, a nonprofit credit counseling agency can help you set up a plan.
Frequently asked questions
How long will it take to pay off my credit card?
Enter your balance, APR and monthly payment in fixed-payment mode. The result shows the number of months, assuming no new charges and a fixed APR.
Why does the calculator say my payment is too low?
Because it does not cover the interest charged each month. If the interest is $110 and you pay $100, the balance grows. Your payment must exceed balance × APR ÷ 12 to make progress.
Is it better to pay off the highest APR or the smallest balance first?
Paying the highest APR first (the avalanche method) saves the most money. Paying the smallest balance first (the snowball method) costs a little more but can help you stay motivated. Either beats paying only minimums.
Does this include new purchases on the card?
No. It assumes the balance only goes down. New charges add to the balance and push the payoff date back.
How accurate is this calculation?
Close, but not exact. Issuers charge interest daily on your average daily balance and may change variable APRs, so actual interest can differ by a few dollars a month.
Last updated: October 8, 2026