Credit Card Payoff Calculator
By Santaji GadepatilinUpdated October 27, 2026
Credit card interest is high, so paying only the minimum can keep you in debt for years. A payoff plan shows how long it will take and how much interest you will pay. This free credit card payoff calculator solves for whichever value you leave blank and shows the formula and steps.
Time to pay off (months) vs Monthly payment — other inputs held at your current values.
How to use the credit card payoff calculator
Enter your balance, APR and the fixed monthly payment you can make. The calculator shows how many months it will take and the total interest. To set a deadline, press × on Monthly payment and type the months.
This assumes no new purchases on the card.
Credit card payoff formula
Balance = Payment × (1 − (1 + i)−n) ÷ i (i = APR ÷ 12)
Worked example
Balance 5,000 at 20% APR, paying 200 a month:
- Time to pay off = 32.6 months
- Total interest = 1,522
Paying more saves a lot
For 5,000 at 20% APR:
| Monthly payment | Months | Total interest |
|---|---|---|
| 150 | 49.1 | 2,359 |
| 200 | 32.6 | 1,522 |
| 300 | 19.7 | 906 |
| 500 | 11.0 | 515 |
Strategies
- Avalanche: pay extra on the highest-APR card first — saves the most interest.
- Snowball: clear the smallest balance first — quick wins keep you motivated.
- Balance transfer: moving to a 0% card can help, but watch fees and the rate after the offer ends.
Avalanche vs snowball
If you have several cards, choose an order to pay them off:
| Method | Pay extra on | Advantage |
|---|---|---|
| Avalanche | Highest APR first | Lowest total interest |
| Snowball | Smallest balance first | Quick wins keep you motivated |
Make the minimum payment on every card and put every extra amount on the target card. When it is paid off, roll its payment into the next one.
How minimum payments trap you
Card issuers usually set the minimum at 1–3% of the balance plus interest. As the balance falls, so does the minimum, which stretches repayment over many years. Paying a fixed amount each month, as this calculator assumes, clears the debt much faster.
Is a balance transfer worth it?
A 0% balance transfer can save a lot of interest, but check:
- The transfer fee, often 3–5% of the balance.
- How long the 0% period lasts and the APR after it ends.
- Whether you can clear the balance within the promotional period. Set the APR to 0 and the time to the promo length to see the monthly payment needed.
Warning signs
- You only ever pay the minimum.
- Your balance grows even though you are paying.
- You use one card to pay another.
If this sounds familiar, speak to a not-for-profit debt advice service before taking on new credit.
Frequently asked questions
Why does paying the minimum take so long?
Minimum payments are mostly interest. If the payment barely exceeds the monthly interest, very little goes to the balance.
What payment do I need to be debt-free by a date?
Press × on Monthly payment, then type the number of months.
Why do I see "no valid solution"?
Your payment is too small to cover the monthly interest, so the balance would never be repaid. Increase the payment.
Should I pay off my credit card or save?
Usually pay the card first. Card interest of 20% or more is far higher than savings rates. Keep a small emergency fund so you do not need the card again.
Does paying twice a month help?
Slightly. Interest is often charged on the average daily balance, so paying earlier in the month reduces it. The bigger win is paying more in total.