Payoff schedule by year
| Year | Paid | Interest | Balance left |
|---|
Assumes a fixed APR, interest charged monthly, no new purchases and no fees. Your card may calculate interest daily and use a different minimum payment formula. For education only, not financial advice.
What this credit card payoff calculator does
This credit card payoff calculator shows how long it will take to clear your credit card balance, and how much interest you'll pay along the way. You can use it two ways:
- Pay a fixed amount each month: see your debt-free date, total interest and total paid.
- Pick a deadline: see exactly how much to pay each month to be debt-free by then.
It also compares your plan with paying only the minimum, so you can see how much time and interest you'd save, and shows a chart of your balance falling over time.
How to use it
- Card balance: what you owe today.
- Card APR: the interest rate on your statement. If you have a promotional rate, use the rate that applies after it ends.
- How you want to pay it off: a fixed monthly amount, or a target number of months.
- Minimum payment settings (optional): many cards set the minimum as a percentage of the balance plus that month's interest, with a fixed floor. Check your statement and adjust these if yours is different.
Open the payoff schedule to see what you'll pay, and how much goes to interest, each year.
Example: $5,000 at 22% APR
| Monthly payment | Debt-free in | Total interest |
|---|---|---|
| Minimum only (1% + interest) | about 19 years | about $8,100 |
| $200 | about 2 years 10 months | about $1,750 |
| $300 | about 1 year 9 months | about $1,022 |
| $500 | about 1 year | about $574 |
Paying a fixed $300 instead of the minimum saves about $7,000 in interest and over 17 years. See our full guide on interest on a $5,000 credit card.
How the calculation works
Each month, interest is added at your APR ÷ 12 on the remaining balance, then your payment is taken off. The calculator repeats this until the balance reaches zero. For a deadline, it uses the standard loan formula to find the fixed payment that clears the balance in that number of months.
If your payment doesn't cover the monthly interest, the balance would never fall, and the calculator tells you.
Ways to pay off your card faster
- Pay a fixed amount, not the shrinking minimum.
- Stop adding new purchases while you pay it down.
- Move the balance to a 0% offer, if you qualify, and clear it before the offer ends. See is a balance transfer worth it.
- Use windfalls, such as tax refunds and bonuses.
- Pick an order if you have several cards. See debt snowball vs avalanche.
For a bigger balance, see how long it takes to pay off $10,000 in credit card debt.
Frequently asked questions
How long will it take to pay off my credit card?
Enter your balance, APR and monthly payment above. On $5,000 at 22%, $300 a month clears it in about 21 months.
Why does paying the minimum take so long?
The minimum usually falls as your balance falls, so you pay less each month and more of each payment goes to interest. A fixed payment clears the debt far faster.
Does the calculator include new purchases or fees?
No. It assumes you stop using the card and pay no fees. New spending or fees would push your debt-free date further out.
My card charges interest daily. Will the result match?
Closely. Daily interest gives slightly different figures from the monthly method used here, but the difference is usually small.
Is my data saved?
No. The calculator runs in your browser, and nothing you enter is stored.
Related tools
This calculator is for education only and is not financial advice. Your card's interest method, minimum payment formula and fees may differ. Check your statement for exact figures.