How to use this calculator
- Card balance. The amount you owe on the card today.
- APR. The card's annual percentage rate. This is the yearly interest rate shown on your statement.
- Fixed monthly payment. The amount you plan to pay every month until the balance is gone.
You get four results:
- Months to pay off. How long it takes to reach a zero balance.
- Total interest. What the debt costs you on top of the balance.
- Total paid. The balance plus total interest.
- This month's interest. The interest charge on your balance right now.
The calculator assumes you make no new purchases on the card and pay the same amount each month.
Worked example
These are the starting values in the calculator above and the results they give. Change any input to see your own numbers.
- Card balance
- $6,000
- APR
- 22%
- Monthly payment
- $250
- Time to pay off
- 2 yr 8 mo
- Total interest
- $1,979
- Total paid
- $7,979
- Interest this month
- $110.00
How credit card payoff is calculated
The APR is divided by 12 to get a monthly rate. Each month, that rate is applied to the balance. On a $3,000 balance with a 24% APR, the monthly rate is 2%, so this month's interest is $60.
Your payment covers the interest first. The rest reduces the balance. With a $150 payment in the example above, $60 goes to interest and $90 comes off the balance. The next month's interest is charged on the lower balance, so a little more of the payment goes to the debt itself.
The calculator repeats this until the balance reaches zero and counts the months. Card issuers often work out interest daily, so your statement may differ slightly from these monthly estimates.
n = −ln(1 − B × r ÷ M) ÷ ln(1 + r)- n
- months to pay off the card
- B
- card balance
- r
- monthly interest rate (APR ÷ 12)
- M
- fixed monthly payment
- ln
- natural logarithm
When the payment does not cover the interest
If your payment is equal to or less than this month's interest, the balance cannot go down. The calculator shows a warning in that case. Using the example above, any payment of $60 or less would never clear the card. You would need to pay more than the monthly interest for the debt to shrink.
Things that shorten the payoff time:
- A higher fixed payment. Every dollar above the interest charge goes to the balance. Small increases can remove many months.
- A fixed payment instead of the minimum. Minimum payments usually fall as the balance falls, which stretches the debt out. A fixed amount keeps the pace up.
- No new charges. New purchases add to the balance and reset your progress.
If you owe money on more than one card, see our guide on debt snowball vs avalanche for two ways to order your payments. You can also check how card payments affect your debt-to-income ratio.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on the balance, the APR and how much you pay each month. A higher payment or a lower rate shortens the time. Enter your numbers above and the calculator counts the months until the balance reaches zero, assuming you pay the same amount every month and add no new purchases to the card.
How is credit card interest calculated?
Card interest is based on the APR. A simple estimate divides the APR by 12 and multiplies the result by your balance. With an 18% APR, the monthly rate is 1.5%, so a $1,000 balance is charged about $15 for the month. Many issuers calculate interest daily on the average balance, so the figure on your statement can differ a little.
What happens if I only make the minimum payment?
The minimum payment is usually a small share of the balance, so most of it goes to interest and very little to the debt. As the balance falls, the minimum falls too, which slows progress further. Paying only the minimum can stretch a balance out for many years and greatly increase total interest. A fixed, higher payment clears the debt faster.
Why is my balance not going down?
If the payment is no bigger than the interest charged each month, nothing is left to reduce the balance. New purchases and fees can also cancel out your payments. To make progress, pay more than this month's interest and avoid adding new charges. The calculator shows this month's interest so you can see the level your payment needs to beat.
Should I pay off the card with the highest rate first?
Paying the highest-rate card first, often called the avalanche method, generally costs the least interest overall. Paying the smallest balance first, called the snowball method, clears individual debts sooner, which some people find easier to stick with. Both work if you keep paying. Which one suits you depends on your own situation and habits.
This calculator gives estimates for education only. It does not know your full situation and is not financial advice. Reviewed and updated November 15, 2026.