Credit Card Payoff Calculator
Credit card debt is the most expensive debt most people will ever carry. With average APRs around 22%, a $5,000 balance making minimum payments can take over 15 years to pay off and cost more in interest than the original purchase. The good news: even small increases in your monthly payment dramatically cut both time and total cost.
This calculator shows you exactly when you'll be debt-free at any payment level, how much interest you'll pay, and how much you save by paying extra. It also compares multiple payment strategies side by side so you can find the approach that works for your budget.
At $200/month, you'll be debt-free in 2 years 10 months. You'll pay $1,750 in interest — that's 25.9% of your total payments. Minimum payment would be ~$142/month.
Your credit card
Total amount you owe
Average credit card APR: ~22% (2026)
Minimum: ~$142
Debt-free date
2y 10m
$6,750 total · $1,750 interest
Payoff summary
Time to pay off
2y 10m
34 total payments
Total interest paid
$1,750
25.9% of total paid
Total amount paid
$6,750
$5,000 principal + $1,750 interest
How extra payments save you money
Compare payoff time and interest at different payment levels
Minimum payment
$142/mo
$3,121
interest
$200/month
$200/mo
$1,750
interest
$250/month
$250/mo
$1,286
interest
$300/month
$300/mo
$1,022
interest
Payment breakdown
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $200 | $108 | $92 | $4,892 |
| 2 | $200 | $110 | $90 | $4,781 |
| 3 | $200 | $112 | $88 | $4,669 |
| 4 | $200 | $114 | $86 | $4,555 |
| 5 | $200 | $117 | $84 | $4,438 |
| 6 | $200 | $119 | $81 | $4,319 |
| 7 | $200 | $121 | $79 | $4,199 |
| 8 | $200 | $123 | $77 | $4,076 |
| 9 | $200 | $125 | $75 | $3,950 |
| 10 | $200 | $128 | $72 | $3,823 |
| 11 | $200 | $130 | $70 | $3,693 |
| 12 | $200 | $132 | $68 | $3,561 |
| 18 | $200 | $148 | $52 | $2,714 |
| 24 | $200 | $165 | $35 | $1,770 |
| 30 | $200 | $183 | $17 | $718 |
| 34 | $150 | $147 | $3 | $0 |
How to use this calculator
Current balance — The total amount you owe on your credit card. You can find this on your most recent statement. Include all cards if you're planning to pay them off one at a time.
APR (%) — Your card's annual percentage rate. The national average is ~22% (2026). Check your statement — some cards have different rates for purchases vs. cash advances. Use the highest rate for a conservative estimate.
Monthly payment — The amount you plan to pay each month. Must exceed the monthly interest charge to make progress. The calculator shows your minimum payment as a reference — paying only the minimum is the slowest and most expensive path.
Real-world examples
$5,000 at 22% APR — minimum vs. aggressive
Minimum payment (~$110/mo): 15+ years, ~$7,500 in interest — you pay more in interest than you originally borrowed. At $250/mo: 2 years, ~$1,100 interest. At $500/mo: 1 year, ~$500 interest. Going from minimum to $250/mo saves 13+ years and $6,400.
$10,000 at 24% APR — the power of $100 extra
At $300/mo: 4.5 years, ~$6,200 interest. At $400/mo: 3 years, ~$4,000 interest. Just $100 more per month saves 1.5 years and $2,200. That extra $100 goes entirely to principal, accelerating payoff exponentially.
$2,000 at 18% APR — small balance, quick kill
At $100/mo: 2 years, ~$400 interest. At $200/mo: 11 months, ~$170 interest. Small balances can be eliminated quickly with modest extra payments. The snowball method works well here — kill the smallest balance first, then redirect that payment to the next card.
Formula & Methodology
Monthly interest calculation
- APR = Annual Percentage Rate (decimal)
- Interest compounds monthly on the remaining balance
Payoff calculation (iterative)
The calculator iterates month by month until the balance reaches zero. This accurately models how credit card interest works — each month's interest is calculated on the remaining balance after the previous payment.
Minimum payment formula
This is a typical minimum payment formula used by major issuers. Some use 2% of balance or interest + 1%. The calculator uses the most common formula.
Assumptions & limitations
- APR is assumed fixed. Many cards have variable rates that change with the prime rate.
- No new charges are added during the payoff period.
- Does not account for balance transfer offers or promotional rates.
- Minimum payment formula varies by issuer. Check your card agreement for the exact formula.