Paying 200 a month
A 5,000 balance at 20% APR with 200 a month takes 33 months to clear and costs about 1,522.10 in interest.
Credit Card Payoff Calculator
See how long it takes to pay off a credit card, or the monthly payment to be debt-free by a date.
Result
Enter your values and select Calculate to see the result.
Runs in your browser — nothing you enter is sent to a server.
How the Credit Card Payoff Calculator works
Enter the card balance and APR, then choose what you want to find: how long a fixed monthly payment takes to clear the card, or the payment needed to be debt-free in a set number of months. Each month, interest of APR ÷ 12 is added to the balance and then your payment is taken off, the way most cards charge. The result assumes no new purchases.
Formulas
Months to pay off
n = −ln(1 − B·i ÷ P) ÷ ln(1 + i)
B is the balance, P the monthly payment and i = APR ÷ 12. The payment must be more than B·i, or the balance never shrinks.
Payment for a target
P = B·i ÷ (1 − (1 + i)−n)
Examples
Debt-free in two years
To clear the same 5,000 at 20% in 24 months you need to pay 254.48 a month — about 54 more than above, and about 415 less interest.
Frequently asked questions
Why does paying only the minimum take so long?
Minimum payments are often little more than the month's interest, so most of each payment never reaches the balance. Even a small amount above the minimum shortens the payoff a lot.
Does a balance transfer help?
A 0% transfer can save interest if you clear the balance before the offer ends. Enter 0% as the APR to see the payment needed within the promotional months, and remember the transfer fee.
Is the result exact?
It's a close estimate. Card issuers usually calculate interest on the average daily balance, and new purchases or rate changes alter the result. This isn't financial advice.
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