Credit Card Calculator
Calculate how long it will take to pay off your credit card debt and see how much interest you'll pay.
Credit Card Information
Payment Strategy
Enter your credit card information to see payoff results
- Enter Credit Card Details: Input your current balance and annual interest rate (APR)
- Choose Payment Strategy: Select from fixed payment, fixed timeframe, or minimum payment options
- Set Payment Parameters: Enter your monthly payment amount, desired payoff time, or minimum payment percentage
- Review Results: See your payoff timeline, total interest, and detailed payment schedule
Monthly Interest Rate
Monthly Rate = Annual Rate ÷ 12
Balance Recurrence
New Balance = Previous Balance × (1 + Monthly Rate) - Payment
Fixed Payment: Payoff Time
n = ln(P / (P - B₀ × r)) ÷ ln(1 + r)
Fixed Timeframe: Required Payment
P = B₀ × r × (1+r)ⁿ ÷ ((1+r)ⁿ - 1)
Scenario 1: Aggressive Payoff
- • Balance: $5,000
- • APR: 18.99%
- • Payment: $300/month
- • Result: ~19 months, $850 interest
Scenario 2: Minimum Payment
- • Balance: $5,000
- • APR: 18.99%
- • Payment: 2% of balance
- • Result: ~30+ years, $15,000+ interest
How long will it take to pay off my credit card?
The payoff time depends on your balance, interest rate, and monthly payment. Higher payments significantly reduce both time and total interest paid.
How do I calculate minimum payments?
Minimum payments typically include the monthly interest plus 1-3% of the principal balance. This calculator shows how long minimum payments take to pay off debt.
What's the best way to reduce credit card interest?
Pay more than the minimum, consider balance transfers to lower-rate cards, or look into debt consolidation loans with lower interest rates.
Should I pay off high-interest debt first?
Yes, the "avalanche method" of paying high-interest debt first saves the most money. Pay minimums on all cards, then put extra money toward the highest-rate card.