Credit Card Payoff Calculator
Calculate how long to pay off credit card debt and total interest paid
Enter your balance, APR, and monthly payment to see your payoff plan.
What is a Credit Card Payoff Calculator?
A credit card payoff calculator shows you exactly how long it will take to pay off your credit card debt and how much interest you'll pay in total. It also compares your fixed payment strategy against making only minimum payments — revealing just how costly minimum payments can be over time. High interest rates (often 20–30% APR) make credit card debt one of the most expensive forms of borrowing.
How to Use the Credit Card Payoff Calculator
- Enter your current credit card balance
- Enter the annual interest rate (APR) on your card
- Enter your planned fixed monthly payment
- See your payoff timeline and total interest, compared to minimum payments
Features
- Calculates exact payoff timeline for a fixed monthly payment
- Compares against minimum payment strategy (2% of balance or $25)
- Shows total interest paid and interest saved vs. minimum payments
- Warns if payment doesn't cover monthly interest
- Instant reactive calculation — no submit button needed
Frequently Asked Questions
Why does minimum payment take so long?
Minimum payments are typically 1–2% of your balance, which barely covers the interest on high-APR cards. As the balance decreases, so does the minimum payment, stretching repayment over many years and costing thousands in interest.
What is a good monthly payment to make?
Aim to pay off your balance within 12–24 months. Divide your balance by your target months to get a rough monthly payment target. Paying more than the minimum dramatically reduces total interest paid.
Should I pay off credit cards before investing?
Generally yes — if your credit card APR (20–30%) exceeds your expected investment return (7–10%), paying off the debt first gives a guaranteed "return" equal to the interest rate saved.