Credit Card Payoff Calculator
Months to clear a credit card balance at a fixed monthly payment.
Input sheet
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Credit card interest is among the most expensive debt most people carry. This shows exactly how many months a fixed monthly payment takes to clear a balance — and how much interest you'll pay getting there.
How it works
Solves the amortization formula for months. If the payment is below the monthly interest, the balance never clears.
The tool solves the amortization formula for the number of months. A critical guardrail: if your payment is less than the monthly interest charge, the balance grows rather than shrinks, and the loan never clears — the calculator flags this case directly.
Because card APRs are high (often 20%+), a large share of a small payment goes to interest, which is why minimum payments can stretch a payoff over many years. Raising the payment even modestly collapses the timeline.
Months = −ln(1 − (monthly rate × balance) ÷ payment) ÷ ln(1 + monthly rate), where monthly rate = APR ÷ 12
Worked examples
$5,000 balance at 22% APR, $200/month payment → ≈ 34 months, roughly $1,800 total interest
At $200/month the $5,000 takes about 34 months to clear, and you pay roughly $1,800 in interest on top of the principal.
Tips & gotchas
- Pay more than the minimum — minimums are designed to maximize the lender's interest, often dragging a payoff out for a decade or more.
- A 0% balance-transfer offer can pause interest entirely for a promotional window; clear as much principal as possible before the regular rate returns.
- Always pay on time — a single late payment can trigger a penalty APR that's even higher than your standard rate.
- If your payment barely exceeds the monthly interest, the balance crawls down for years; find any room to raise it and watch the payoff time drop sharply.
FAQ
Why does my balance barely move some months?
When the payment is only slightly above the monthly interest, almost all of it covers interest and little touches principal. Raising the payment shifts more toward principal and accelerates everything.
What happens if I pay only the minimum?
Minimum payments shrink as the balance falls, stretching the payoff over many years and multiplying the interest. A fixed, larger payment clears the debt far faster.
Should I pay off cards or save first?
Beyond a small emergency buffer, paying down a 20%+ card is almost always the better return — no investment reliably matches a guaranteed 20% by eliminating that interest.
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