How to use this calculator
The results update as you type.
- Card balance: what you owe today, from your latest statement or app.
- Interest rate (APR): the purchase APR shown on your statement. If your card has a promotional rate that’s ending, use the rate that applies afterwards.
- How do you want to pay it off? Choose a fixed monthly payment to see how long it takes, or a target number of months to see the payment you need.
- Monthly payment or months: the amount you can pay each month, or how many months you want to take.
The results show your monthly payment, when you’ll be debt-free, the total interest and the total you’ll pay. If you’re paying a fixed amount, you’ll also see what an extra $50 a month would save. Below the calculator, the chart and schedule show how each year’s payments split between interest and your balance.
Example: a $5,000 balance at 21.99% APR
Say you owe $5,000 at 21.99% APR and stop using the card.
| Monthly payment | Time to pay off | Total interest |
|---|---|---|
| $100 | 137 months (11 years 5 months) | $8,656.83 |
| $200 | 34 months (2 years 10 months) | $1,748.69 |
| $250 | 26 months (2 years 2 months) | $1,284.93 |
Doubling the payment from $100 to $200 doesn’t halve the time: it cuts it by three-quarters and saves $6,908.14 in interest. That’s because in the first month, about $92 of interest is charged. At $100 a month, only around $8 of the first payment reduces the balance. At $200, about $108 does.
Going the other way, if you want to be debt-free in 24 months, you’d need $259.37 a month and would pay $1,224.79 in interest. Allowing 36 months lowers the payment to $190.93, but interest rises to $1,873.35.
How it’s calculated
Each month, interest is the balance × APR ÷ 12. The rest of your payment reduces the balance, and your last payment is only what’s left.
Fixed payment: months to pay off = −ln(1 − balance × r ÷ payment) ÷ ln(1 + r), rounded up to a whole month, where r is the monthly rate (APR ÷ 12 ÷ 100). For this to work, your payment must be more than the first month’s interest. If it isn’t, the balance never goes down, and the calculator tells you.
Target date: payment = balance × r ÷ (1 − (1 + r)^−n), where n is the number of months. At 0% APR, it’s simply the balance ÷ n.
Card issuers usually work out interest daily on your average balance, so your statement figures can differ a little from this estimate. The calculator assumes a steady rate, no fees and no new purchases. Figures are calculated at full precision and rounded for display.
Tips to pay off your card faster
- Pay a fixed amount, not the minimum. Minimum payments fall as your balance falls, which stretches the payoff out. Keeping your payment the same speeds things up.
- Add a little more each month. As the example shows, an extra $50 on $200 clears the card 8 months sooner and saves $463.76.
- Stop adding new purchases. Every new charge resets part of your progress. Use a debit card or cash while you pay the balance down.
- Pay the highest-rate card first if you have several. Extra money goes furthest on the card that charges the most interest.
- Ask about a lower rate. Some issuers will lower your APR if you ask, especially if you’ve paid on time. Even a few points makes a difference.
- Compare a consolidation loan. A lower-rate personal loan can cut interest, but check the fee. Our debt consolidation calculator shows the break-even month.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on your balance, APR and monthly payment. At 21.99% APR, a $5,000 balance takes 34 months to clear at $200 a month, but 137 months, more than 11 years, at $100 a month. Enter your own numbers above to see your date.
How much should I pay to clear my card in 2 years?
Choose "Clear it by a target date" and enter 24 months. For $5,000 at 21.99% APR, you'd need to pay $259.37 a month, and you'd pay $1,224.79 in interest.
Why does paying the minimum take so long?
Minimum payments are set low, and much of each one goes to interest. Federal rules require card statements to carry a Minimum Payment Warning saying that paying only the minimum means more interest and a longer time to pay off, with an estimate of how long it would take.
What is the 36-month payment on my statement?
When paying only the minimum would take more than three years, your statement must also show the monthly payment that would clear the balance in 36 months, and how much you'd save compared with paying the minimum. This calculator's target-date option works the same way for any number of months.
Does this calculator include new purchases?
No. It assumes you stop using the card while you pay it off. New purchases, fees or a rate change will make the payoff take longer.
Is it better to pay off my card or use a consolidation loan?
If you can get a loan at a much lower rate with a small fee, consolidating may save money. Compare both options with our debt consolidation calculator before deciding.