Credit Card Payoff Calculator
See how many months a credit card balance takes to pay off, total interest and total paid, with a fixed payment or a minimum-payment rule and new monthly charges.
Interactive calculator · Method CREDIT-CARD-PAYOFF-1.0 · Last reviewed: 2026-11-04
Calculate your scenario
Each month: interest = opening balance × APR ÷ 12; new charges are added; the payment (fixed, or the larger of the minimum % of the amount owed and the dollar floor, never more than owed) is made at the end of the month.
Your inputs
Default worked example. Edit the inputs to calculate your scenario.
Default worked example
Each month: interest = balance × 22.99% ÷ 12, add $0.00 charges, then pay $200.00; paid off in 35 months with $1,871.08 interest.
How to use the calculator
Enter the balance, the card’s APR and any new charges you expect each month. Choose a fixed payment or the minimum rule and fill in the matching fields.
What the result means
At 22.99% APR, paying $200 a month clears $5,000 in 35 months with about $1,871 of interest; the first month alone charges $95.79 of interest.
Formula and units
Each month: interest = opening balance × APR ÷ 12; new charges are added; the payment (fixed, or the larger of the minimum % of the amount owed and the dollar floor, never more than owed) is made at the end of the month. Repeat until the balance reaches zero or 1,200 months pass. Total paid = all payments; total interest = all monthly interest.
Worked examples
$5,000 at 22.99% with $200 a month: Current balance: 5000 $; Card APR: 22.99 %; New charges each month: 0 $/month; Fixed monthly payment: 200 $/month; Minimum rule: percent of balance owed (example 2%): 2 %; Minimum rule: dollar floor (example $35): 35 $; Payment: fixed.
Example result: Months to payoff: 35 months (2.9 years); Total interest: $1,871.08; Total paid: $6,871.08; First-month interest: $95.79; First payment: $200.00.
$3,000 at 18% with $100 of new charges and $400 a month: Current balance: 3000 $; Card APR: 18 %; New charges each month: 100 $/month; Fixed monthly payment: 400 $/month; Minimum rule: percent of balance owed (example 2%): 2 %; Minimum rule: dollar floor (example $35): 35 $; Payment: fixed.
Example result: Months to payoff: 11 months (0.9 years); Total interest: $274.87; Total paid: $4,374.87; First-month interest: $45.00; First payment: $400.00.
Limitations and common mistakes
APR ÷ 12 on the opening balance approximates the daily interest most cards charge, and payments are assumed at month end, so real statements differ by small amounts. The minimum rule is the simple one you enter; card issuers use their own formulas, fees, penalty rates and grace periods, none of which are modeled.
Paying only a percentage minimum: because the payment shrinks with the balance, payoff can take decades and cost more in interest than the original balance.
Sources and assumptions
Method CREDIT-CARD-PAYOFF-1.0; last formula review 2026-11-04. Sources and their supported claims. Calculation methodology.