Total Interest Paid
$1,978.87
Credit Card Payoff Calculator
Find how long it will take to pay off a balance with fixed payments.
Time to Pay Off
31.9 months
Total Paid
$7,978.87
Years
2.7
What is the Credit Card Payoff Calculator?
A credit card payoff calculator shows how long it takes to clear a balance at a fixed monthly payment, and how much interest you'll pay getting there. Because card APRs are high and interest compounds monthly, the payoff time is extremely sensitive to how far above the minimum you pay.
The formula
Months to clear a balance at a fixed payment:
n = − ln(1 − B·r ÷ M) ÷ ln(1 + r)- B
- current balance
- M
- fixed monthly payment
- r
- monthly rate = APR ÷ 12
- n
- months to reach a zero balance
If the payment M is not greater than the monthly interest (B·r), the balance never falls — payoff time is infinite, and the calculator flags it.
Worked example
A $6,000 balance at 22% APR, paying $250 a month.
It takes 31.9 months — about 2.7 years — to clear, and you pay $1,978.87 in interest, for $7,978.87 total. Raising the payment shortens this dramatically.
Prefer your own numbers? Enter them in the calculator above — it recomputes instantly.
Key terms
- APR
- The card's annual percentage rate; divided by 12 it gives the monthly rate.
- Minimum payment
- The smallest amount the issuer will accept — set low, so it stretches payoff for years.
- Revolving balance
- The amount carried month to month, on which interest keeps accruing.
- Compounding
- Interest charged on interest already added to the balance.
Frequently asked questions
Why does paying only the minimum cost so much?
Minimums are set low, so most of each one covers interest and the balance barely moves. The Credit Card Minimum calculator shows just how long it drags on.
Does a higher payment really help that much?
Yes. Interest is charged on the remaining balance, so paying it down faster compounds in your favor.
What if my payment is too low?
If it doesn't exceed the monthly interest, the balance grows instead of shrinking. Raising the payment is the only fix.