💳 Credit Card Payoff Calculator
Find out how many months it will take to pay off your credit card balance and how much interest you'll pay along the way.
Card Details
Your Result
Assumes no new charges are added to the card and the same fixed payment is made every month.
How the Credit Card Payoff Calculator Works
Credit card interest compounds monthly on your remaining balance, so paying only the minimum can keep you in debt for years. This calculator simulates your balance month by month to show how long a fixed monthly payment will take to pay off your debt and how much interest you'll pay in total.
Formula
New Balance = Balance + Interest − Payment
This repeats until the balance reaches zero. If your monthly payment doesn't exceed the interest charged each month, the balance will never be paid off.
Frequently Asked Questions
Why does my balance barely go down with the minimum payment?
Minimum payments are often only slightly higher than the monthly interest charge, so very little goes toward reducing the actual balance, dramatically extending your payoff time.
What happens if my payment doesn't cover the interest?
If your monthly payment is less than or equal to the interest charged that month, your balance will grow indefinitely rather than shrink — you must pay more than the monthly interest to make progress.
How can I pay off my credit card faster?
Increasing your monthly payment, even slightly, can significantly reduce both your payoff time and total interest paid because more of each payment goes toward principal.