Credit Card Payoff Calculator
Calculate credit card payoff time and total interest from balance, APR, and monthly payment.
See how paying $50 or $100 extra cuts months and total interest.
The credit card payoff calculator shows exactly how long it will take to eliminate your balance and how much total interest you will pay — both with minimum payments only and with an accelerated fixed payment.
Key formulas:
Minimum Payment Payoff (geometric series): n = −log(1 − (r × B) ÷ P) ÷ log(1 + r) where n = months, r = monthly rate (APR ÷ 12), B = balance, P = payment amount.
Monthly Interest Charge: Interest = Current Balance × (APR ÷ 12)
Fixed Payment to Pay Off in n Months: P = B × r × (1+r)^n ÷ ((1+r)^n − 1)
Total Interest Paid = (Monthly Payment × Number of Payments) − Original Balance
What each variable means:
- Balance (B) — current amount owed on the card.
- APR — Annual Percentage Rate (typical range: 19.99%–29.99% for U.S. credit cards in 2024).
- Monthly Rate (r) — APR ÷ 12 (e.g., 24% APR = 2% per month).
- Minimum Payment — typically 1–2% of the balance or $25 minimum; this is the most expensive way to pay off debt.
Worked example: Balance: $5,000. APR: 24%. Minimum payment: 2% of balance ($100 initially).
Minimum payment scenario: Takes over 9 years to pay off. Total interest: ~$4,800 (nearly as much as the original debt).
Fixed $200/month scenario: n = −log(1 − (0.02 × 5,000) ÷ 200) ÷ log(1.02) = −log(0.5) ÷ log(1.02) ≈ 35 months (2.9 years) Total Interest = (200 × 35) − 5,000 = 7,000 − 5,000 = $2,000
Paying $200 vs minimum: saves $2,800 in interest and 6+ years of payments.
How we build and check this calculator
This calculator runs entirely in your browser, so the numbers you enter stay on your device. The math behind it is written by hand and tested against worked examples and standard references before the page goes live.
SuperGlobalCalculator is independently built and maintained. See how we build and verify our calculators.