Finance
Credit Card Payoff Calculator
How long will it take to pay off your credit card? See the impact of different payment amounts and how much interest you'll pay.
Time to Pay Off
2 yr 11 mo
Total Interest Paid
$1,871.08
Total Paid
$6,871.08
Frequently asked questions
How can I pay off credit card debt faster?
Pay more than the minimum — even $20 extra per month makes a big difference. Consider the debt avalanche method (highest APR first) or snowball method (smallest balance first). A balance transfer to a 0% APR card can also save on interest.
What happens if I only make minimum payments?
Minimum payments (typically 2-3% of the balance) mostly cover interest. On a $5,000 balance at 22.99% APR, minimum payments would take over 15 years to pay off and cost thousands in interest. Always pay as much as you can above the minimum.
Does this account for new purchases?
No — this assumes you stop using the card and only make payments. If you continue making new purchases, the payoff time will be longer. To get out of debt fastest, stop using the card entirely.
How is the interest calculated?
Credit card interest compounds daily but is charged monthly. We use the monthly periodic rate (APR ÷ 12) applied to the average daily balance. This is a close approximation — actual interest may vary slightly depending on your card's specific calculation method.
Calculate how long it will take to pay off your credit card balance with our free payoff calculator. Enter your current balance, APR, and monthly payment to see the payoff timeline, total interest paid, and total cost.
See how increasing your monthly payment can save you thousands in interest and shave years off your repayment timeline. All calculations happen right in your browser.