Credit Card Payoff Calculator
Find your debt-free date and total interest, the payment needed to clear a card by a deadline, the true cost of minimum payments, the best order to pay off several cards and whether a balance transfer saves money.
Pre-filled with the US average 22.36% as of Aug 2026 (G.19 released 7 Oct 2026), Source: Federal Reserve G.19. Use the purchase APR on your statement.
Minimum payment formula: interest + 1% of balance, at least $25
Issuers differ. Many US and UK cards charge interest + 1% of the balance with a floor of $25 (some UK cards use £5 to £10); others use a flat 2–3% of the balance. Check your card agreement.
32% of everything you pay goes to interest. The first month's interest is $111.80; every extra $1 you pay goes straight to the balance.
| Minimum only | Your plan | |
|---|---|---|
| First payment | $171.80 | $200.00 |
| Time to pay off | 20 yrs 9 mos | 3 yrs 9 mos |
| Total interest | $10,104.54 | $2,869.63 |
Your plan saves $7,234.92 in interest and 17 yrs.
Minimum payments fall as the balance falls, which is why they take so long.
| Monthly payment | Time | Total interest |
|---|---|---|
| $200 (yours) | 3 yrs 9 mos | $2,869.63 |
| $225 | 3 yrs 2 mos | $2,372.33 |
| $250 | 2 yrs 9 mos | $2,027.03 |
| $300 | 2 yrs 2 mos | $1,577.40 |
| $400 | 1 yr 6 mos | $1,103.10 |
Simplification: interest is charged monthly at APR ÷ 12. Most issuers use the daily balance method (APR ÷ 365 per day), so statements can differ slightly. Assumes no new purchases, fees or rate changes.
Balance transfer check
Uses the balance, APR and monthly payment above.
The transfer saves about $2,063.23 and 10 mos at $200.00 a month.
To clear it before the 0% period ends, pay $412.00 a month for 15 months. At $200.00 a month, $3,180.00 would still be owed when the promo ends and start attracting interest.
Promo rates usually require on-time payments and may not apply to new purchases. Transfers are usually limited to your new card's credit limit.
Several cards? Avalanche vs snowball
Enter each card and the total you can pay towards all cards each month.
Total debt $4,800.00. Minimums add up to $150.00, so $250.00 a month is extra.
- Store card paid off: month 3
- Rewards card paid off: month 12
- Bank card paid off: month 14
- Store card paid off: month 3
- Bank card paid off: month 7
- Rewards card paid off: month 14
- Store card paid off: month 38
- Bank card paid off: month 52
- Rewards card paid off: month 58
Avalanche saves $40.38 vs snowball. Either beats paying only minimums by $2,337.66 or more.
Assumes each card's minimum stays fixed at the amount entered, no new spending, and that a cleared card's payment rolls into the next one.
Average APR verified Oct 2026 · Source: Federal Reserve G.19 Consumer Credit, interest rate on credit card plans (accounts assessed interest)
- →Stop using the card you are paying off; new purchases quietly extend your payoff date.
- →Set your payment as a fixed amount, not "minimum due": minimums shrink as the balance falls and stretch the debt out for decades.
- →Ask your issuer for a lower APR. A good payment history often gets a few points knocked off.
- →With a 0% balance transfer, divide the new balance by the promo months and pay at least that each month.
- →Missing a payment can trigger a penalty APR near 30% and cancel a 0% promo; set up autopay for at least the minimum.
This tool is for informational purposes only. Always verify results with a qualified professional.
What is the Credit Card Payoff Calculator?
This credit card payoff calculator answers the questions people actually have about card debt: how long will it take to clear my balance, how much interest will I pay, what do I need to pay each month to be debt-free by a certain date, and how much am I losing by paying only the minimum? Enter your balance, your APR (pre-filled with the latest US average from the Federal Reserve) and either a fixed monthly payment or a target number of months. Results update as you type and include a payoff date, a month-by-month schedule and a what-if table showing how a slightly bigger payment shortens the journey.
Interest is calculated monthly: each month the calculator adds balance × APR ÷ 12 to what you owe, then subtracts your payment. Most US and UK issuers actually charge interest daily (APR ÷ 365 on each day's balance, added up over the statement period), so your real statements can differ by a few dollars or pounds a month, but the monthly method is the standard way to plan a payoff and lands very close over the life of the debt. If your payment is no bigger than the monthly interest, the balance never falls, and the calculator tells you the minimum you need to start making progress.
Worked example: a $6,000 balance at 22.36% APR (the Federal Reserve's August 2026 average for accounts that pay interest) costs $111.80 in interest in the first month. Paying a fixed $200 a month clears it in 45 months, with $2,869.63 of interest, so you repay $8,869.63 in total. Paying only the minimum instead (interest plus 1% of the balance, at least $25) starts at $171.80 but shrinks as the balance falls: it takes 249 months, almost 21 years, and costs $10,104.54 in interest. Sticking to $200 a month saves $7,234.91 and more than 17 years. To be debt-free in 24 months you would need $312.34 a month, with $1,496.08 of interest.
If you have more than one card, add them all with their balances, APRs and minimum payments, then enter the total you can put towards cards each month. The calculator pays every minimum, sends the rest to one priority card and rolls each paid-off card's payment into the next one. The avalanche method targets the highest APR first and always costs the least interest. The snowball method targets the smallest balance first, which costs a little more but gives you quick wins that help many people stay motivated. You see both side by side, plus what happens if you only ever pay the minimums.
The balance transfer check uses your balance and monthly payment from the top section. Enter the transfer fee (commonly 3% to 5%), the length of the 0% promotional period and the APR that applies afterwards. The tool adds the fee to the transferred balance, charges no interest during the promo, then switches to the new APR, and compares the total cost with staying where you are. It also shows the monthly payment needed to clear the transferred balance before the 0% period ends, which is the single most important number when deciding whether a transfer is worth it.
How to Use This Calculator
- 1Pick your currency and enter your current card balance and APR (the US average is pre-filled; use the purchase APR on your statement).
- 2Choose a mode: enter a fixed monthly payment to see your payoff date, or enter a target number of months to see the payment you need.
- 3Check the minimum-payment comparison. Adjust the minimum formula (percentage of balance plus interest, and the floor) to match your statement.
- 4Use the what-if table and the month-by-month schedule to see how extra payments change your debt-free date.
- 5Have several cards? Add each one with its minimum payment and enter your total monthly budget to compare avalanche and snowball.
- 6Enter a balance transfer offer's fee and 0% months to see if moving the debt saves money, then copy the share link to keep your plan.