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Credit Card Payoff Calculator

Find out how long it takes to pay off a credit card balance with a fixed monthly payment, and how much interest you'll pay along the way.

Time to pay off
2 yrs 10 mos (34 months)
Total paid
$6,749.88
Total interest paid
$1,749.88

Balance payoff over time

Principal paidInterest paid
0122.83

Total paid at year 2.83: $6,749.88

How it works

This simulates the balance month by month, the same way a card issuer does: each month, interest is charged on the remaining balance at rate ÷ 12, then your fixed payment is applied — first covering that interest, with the rest reducing the principal. This continues until the balance hits zero, with the final payment capped at whatever's actually left.

Because the balance shrinks a little more each month, less of your payment goes to interest and more goes to principal over time — the chart below shows that shifting split. If your payment doesn't even cover the first month's interest, the balance would never shrink, so this calculator flags that instead of returning a nonsensical answer.

FAQ

Why does a small increase in monthly payment cut the payoff time so much?

Because interest is recalculated on a shrinking balance every month, a slightly higher payment compounds: it reduces principal faster, which reduces next month's interest charge, which leaves even more of the following payment for principal. Small increases early in a high-interest balance tend to have an outsized effect on total time and interest paid.

Does this include annual fees, minimum payment warnings, or promotional rates?

No — this assumes a single fixed rate and a fixed payment amount for the entire payoff period, with no fees. Real cards often have variable APRs, promotional 0% periods that expire, and issuer-mandated minimum payments; use this as a baseline estimate, not an exact statement.

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