Credit Card Payoff Calculator
Credit cards typically charge high annual rates, so making only the minimum payment can keep you in debt for years. This calculator shows how many months it takes to clear a balance at a fixed monthly payment, and the total interest paid, so you can see the cost of carrying the balance.
Enter your current balance, the card’s APR, and the monthly payment you can commit to. If the payment does not cover the monthly interest, the balance never falls — increase the payment to see a payoff date.
It is most revealing when you compare a minimum payment against a higher fixed payment — the difference in months and interest is often dramatic.
Enter your values to see the result.
How this is calculated
This calculator works out how many months it takes to clear a credit-card balance with a fixed monthly payment, plus the total interest paid. It solves the amortisation formula for the number of payments: n = −ln(1 − B × r ÷ P) ÷ ln(1 + r), where B is the current balance, r is the monthly interest rate (APR ÷ 12 as a decimal) and P is the fixed monthly payment you commit to.
The formula only works when the payment exceeds the first month’s interest (B × r). If it does not, the balance grows rather than shrinks and the debt never clears — the calculator flags this rather than producing a meaningless number. Total paid is the payment times the number of months, and total interest is that total minus the original balance.
The model assumes a fixed APR, a single fixed payment every month, and no new charges. It does not include balance-transfer fees, late fees, cash advances, variable APRs, or the issuer’s minimum-payment formula (which typically scales with the balance and stretches payoff over many more years). Real cards also stop charging interest on purchases once the statement balance is paid in full, a detail this flat model does not capture.
Worked example
A $5,000 balance at 19% APR, paying $200 per month.
- 1Monthly rate r = 0.19 ÷ 12 = 0.015833; first month’s interest = 5,000 × 0.015833 = $79.17 (below the $200 payment, so it will pay off).
- 2n = −ln(1 − 5,000 × 0.015833 ÷ 200) ÷ ln(1.015833) = −ln(0.6042) ÷ 0.01571 ≈ 32 months.
- 3Total paid = 200 × 32 = $6,400; total interest = 6,400 − 5,000 = $1,400.
Frequently asked questions
- How is the payoff time calculated?
- It solves n = −ln(1 − B·r/P) / ln(1+r), where B is the balance, r is the monthly rate (APR ÷ 12) and P is the fixed monthly payment. The payment must exceed the first month’s interest.
- Why does my result say it never pays off?
- If your monthly payment is less than the interest charged that month, the balance grows. Raise the payment above the monthly interest to get a finite payoff date.
- How can I pay it off faster?
- Pay more than the minimum, target the highest-APR card first, and consider a balance transfer or consolidation loan at a lower rate to cut interest costs.
- Why does my result say it never pays off?
- If your fixed payment is less than the interest charged that month, the balance grows instead of shrinking. Raise the payment above the first month’s interest (balance × APR ÷ 12) to get a finite payoff date.
- How can I pay it off faster?
- Pay more than the minimum, target the highest-APR card first, and consider a balance transfer or consolidation loan at a lower rate to cut interest costs. Even a small increase in the monthly payment can shave many months off the timeline.
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Method: amortisation formula solved for the number of payments. No external data source. Last updated: September 2026.
These results are indicative estimates for planning only and do not constitute financial advice. Actual loan terms, tax rules, investment returns and product conditions vary by country, provider and your personal circumstances. Always confirm figures with your bank, tax authority or a qualified financial adviser before making decisions.