Credit Card Payoff Calculator
How long until you are debt-free, and how much it will cost in interest.
Enter your balance and APR, then either a fixed payment OR a target payoff month. See months to payoff (or required payment) plus total interest.
Choose one of these:
The brutal math of credit card debt
Credit cards typically carry APRs of 18 to 29 percent. At 22 percent APR on a $5,000 balance, paying only the typical minimum (often 2 percent of balance or $25, whichever is greater) would take you over 20 years and cost more than $8,000 in interest. The minimum payment is designed to be profitable for the issuer, not to get you out of debt.
How to use this calculator
You have two options:
- Pick a fixed payment amount and see how long it will take to pay off and how much interest you will pay.
- Pick a target number of months and see what monthly payment you would need.
Fill in one or the other, not both.
The avalanche vs snowball strategies
If you have multiple credit cards, two common payoff strategies:
- Avalanche (math-optimal): pay minimums on all cards, throw everything extra at the highest-APR card first. Mathematically saves the most money.
- Snowball (psychology-optimal): pay minimums on all, throw extra at the smallest balance first. Quick wins build momentum but cost slightly more in interest.
Either works. Pick the one you will actually stick with.
If your payment cannot exceed the interest
If your payment is less than the monthly interest on the balance, your debt grows every month and is never paid off. This calculator warns you when that is the case. If you are in that situation, look into balance transfer cards (0 percent intro APR), debt consolidation, or credit counseling.