Credit Card Payoff Calculator
Plan your path to zero credit card debt. See how much time and money you save by paying more than the minimum.
How to Use This Calculator
Enter your current credit card balance. Enter the annual percentage rate (APR) your card charges. Enter the amount you plan to pay each month, and the minimum payment required by your card issuer. The calculator instantly shows how many months it will take to pay off your balance, the total amount paid including interest, and compares this with paying only the minimum. A warning appears if your payment doesn't cover the monthly interest, meaning your debt is growing instead of shrinking.
How Credit Card Interest Works
Credit cards charge interest on your outstanding balance at the APR divided by 12 each month. When you only make the minimum payment, most of it goes toward interest rather than reducing your principal balance. This is why minimum payments can keep you in debt for years or even decades. Paying more than the minimum — even a small amount — dramatically reduces both your payoff time and total interest paid. Every extra dollar you pay goes directly toward reducing your principal balance, saving you from future interest charges.