Credit Card Payoff Calculator
Free credit card payoff calculator to find how long to pay off debt, total interest cost, and monthly payment needed for your target date.
Related Calculators
You might also find these calculators useful
Create Your Credit Card Payoff Strategy
Struggling with credit card debt? Our calculator shows you exactly how long it will take to pay off your balance and how much interest you'll pay. Calculate the monthly payment needed to be debt-free by a target date, or see how much faster you could pay off debt with extra payments.
Understanding Credit Card Interest
Credit card interest compounds monthly on your remaining balance. Even small increases in monthly payments can dramatically reduce total interest paid and payoff time. With an 18% APR, a $5,000 balance with minimum payments can take over 20 years to pay off, costing thousands in interest.
Payoff Time Formula
Months = -ln(1 - (Balance × Rate) / Payment) / ln(1 + Rate)How to Use This Calculator
Debt Payoff Scenarios
Fixed Monthly Budget
Enter a set payment amount to see when you'll be debt-free and total interest paid.
Target Date Goal
Set a payoff date to find the required monthly payment amount.
Extra Payment Impact
See how additional payments reduce interest and accelerate payoff.
Frequently Asked Questions
Minimum payments are typically 1-3% of balance, with most going to interest. A $5,000 balance at 18% APR with 2% minimum payments takes 30+ years and costs over $7,000 in interest.