Credit Card Payoff Calculator
Estimate how long it may take to pay off your credit card balance, how much interest you may pay, and how different payment strategies and multi-debt plans change your payoff date.
Last updated:
Single-card payoff
Enter your balance, APR, and how you plan to pay. Switch between a fixed payment plan or the estimated minimum payment to see how each affects payoff.
Results
- Time to pay off
- 4 yrs, 8 mo (56 mo)
- Estimated payoff date
- Jan 2031
- Total interest
- $5,382.84
- Total paid
- $13,882.84
Payment schedule
Showing first 18 rows
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Jun 2026 | $250.00 | $87.15 | $162.85 | $8,412.85 |
| 2 | Jul 2026 | $250.00 | $88.82 | $161.18 | $8,324.03 |
| 3 | Aug 2026 | $250.00 | $90.53 | $159.47 | $8,233.50 |
| 4 | Sep 2026 | $250.00 | $92.26 | $157.74 | $8,141.24 |
| 5 | Oct 2026 | $250.00 | $94.03 | $155.97 | $8,047.21 |
| 6 | Nov 2026 | $250.00 | $95.83 | $154.17 | $7,951.38 |
| 7 | Dec 2026 | $250.00 | $97.66 | $152.34 | $7,853.72 |
| 8 | Jan 2027 | $250.00 | $99.54 | $150.46 | $7,754.18 |
| 9 | Feb 2027 | $250.00 | $101.44 | $148.56 | $7,652.74 |
| 10 | Mar 2027 | $250.00 | $103.39 | $146.61 | $7,549.35 |
| 11 | Apr 2027 | $250.00 | $105.37 | $144.63 | $7,443.98 |
| 12 | May 2027 | $250.00 | $107.39 | $142.61 | $7,336.59 |
| 13 | Jun 2027 | $250.00 | $109.44 | $140.56 | $7,227.15 |
| 14 | Jul 2027 | $250.00 | $111.54 | $138.46 | $7,115.61 |
| 15 | Aug 2027 | $250.00 | $113.68 | $136.32 | $7,001.93 |
| 16 | Sep 2027 | $250.00 | $115.85 | $134.15 | $6,886.08 |
| 17 | Oct 2027 | $250.00 | $118.07 | $131.93 | $6,768.01 |
| 18 | Nov 2027 | $250.00 | $120.34 | $129.66 | $6,647.67 |
Compare two payoff strategies
Strategy A uses your inputs above. Strategy B lets you test a different fixed plan (such as biweekly payments or a higher monthly payment).
Strategy A
monthly payment $250.00
- Payoff
- Jan 2031
- Time
- 4 yrs, 8 mo
- Interest
- $5,382.84
Strategy B inputs
Strategy B result
- Payoff
- Jul 2027
- Time
- 1 yr, 2 mo
- Interest
- $1,209.55
Avalanche / snowball planner
Add multiple debts and a monthly debt budget. The avalanche strategy targets the highest APR first; the snowball strategy targets the smallest balance first.
| Name | Balance | APR (%) | Min payment | |
|---|---|---|---|---|
Time to debt-free
1 yr, 8 mo
Payoff date
Jan 2028
Total interest
$2,295.14
Total paid
$12,995.14
Payoff order
Store Card → Visa → Mastercard
Assumptions
- APR is converted to a periodic rate (APR ÷ 12 monthly, or APR ÷ 26 biweekly).
- Interest is added once per period on the remaining balance.
- The same payment is applied each period until the balance reaches zero.
- Estimated minimum-payment mode uses a percentage of the current balance with a dollar floor; real card minimums vary by issuer.
- New purchases, fees, balance transfer fees, and statement-cycle timing are not modeled.
- The planner applies minimum payments to every debt first, then sends remaining budget to the avalanche or snowball target.
See related tools: Auto Loan Calculator, Mortgage Calculator, and Compound Interest Calculator.
Formula
Periodic rate = APR ÷ periods-per-year (12 monthly, 26 biweekly)
Period interest = Current balance × Periodic rate
Principal paid = Payment − Interest
New balance = Old balance − Principal paid
Estimated minimum = max(Balance × Min %, Min floor)
How to calculate
- Enter your current balance and APR.
- Choose a fixed payment plan or the estimated minimum-payment mode.
- For fixed plans, optionally add an extra payment and pick monthly or biweekly.
- Compare against an alternative plan in Strategy B.
- Use the planner to model multiple debts with avalanche or snowball.
Worked example
With a $8,500 balance at 22.99% APR and a $250 monthly payment, the calculator estimates payoff time and total interest. Switching to biweekly payments of $125 (about the same monthly amount) often shortens payoff and reduces interest because more payments hit per year. Adding even $50 of extra principal each period further accelerates payoff.
How long does it take to pay off a credit card?
Payoff time depends on your balance, APR, and payment amount. Higher APRs and lower payments dramatically extend payoff. Even a small increase in monthly payment usually shortens payoff by months and cuts total interest, especially on cards with APRs above 20%.
Avalanche vs. snowball: which is better?
The avalanche strategy targets the highest-APR debt first and mathematically minimizes interest. The snowball strategy targets the smallest balance first and gives faster wins, which can help with motivation. The planner above lets you compare both with the same budget and see the difference in months and total interest.
Why minimum payments are dangerous
On a typical credit card, the minimum payment is a small percentage of the balance plus a floor. As the balance falls, so does the minimum, which means most of each payment goes to interest. The estimated-minimum mode in this calculator illustrates how minimum-only payments can stretch payoff for many years.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on your balance, APR, and payment amount. Use the calculator above to estimate based on your specific numbers. Higher payments and lower APRs reduce payoff time.
What happens if I only make the minimum payment?
Minimum payments can greatly extend payoff time and increase total interest paid because most of each payment goes to interest. Switch to estimated-minimum mode to see this effect.
Is biweekly payment better than monthly payment?
More frequent payments can reduce the balance faster, especially when total yearly payments increase. Biweekly schedules also produce 26 payments per year instead of 24 half-monthly payments.
What's the difference between avalanche and snowball?
Avalanche prioritizes the highest APR to minimize interest. Snowball prioritizes the smallest balance for quicker wins. The planner shows the months and interest impact for both with your inputs.
Does this account for new purchases or fees?
No. The calculator assumes no new purchases, no late fees, and no balance transfer fees. Real card behavior depends on issuer terms and statement timing.
Related calculators
Educational guides
Short explainers covering the math and concepts behind this calculator.
This credit card payoff calculator provides estimates only. Actual interest, minimum payments, fees, and payoff timing depend on your card issuer's terms and statement cycle.