How to use this credit card payoff calculator
Enter your current balance, the card's APR, and the monthly payment you can make. Add an optional extra payment to see how much faster you'd be debt-free and how much interest you'd save. The result updates instantly, simulating your balance month by month until it hits zero.
Why credit card debt is so expensive
Credit cards carry some of the highest interest rates in consumer finance. Each month, roughly your APR divided by 12 is charged on the balance, and that interest compounds on what remains. Making only the minimum payment can stretch a balance over many years and cost more in interest than the original purchase — which is exactly why paying extra matters so much.
Ways to pay off faster
- Pay more than the minimum. Minimums are designed to keep you in debt — add whatever you can on top.
- Consider a 0% balance transfer. A promotional 0% APR pauses interest so payments hit principal — watch the transfer fee and the post-intro rate.
- Look at a consolidation loan. A fixed-rate personal loan can replace a high card APR with one lower, predictable payment.
- Avalanche your cards. If you have several, throw extra at the highest-APR card first while paying minimums on the rest.
Frequently asked questions
How long will it take to pay off my card?
It depends on your balance, APR, and monthly payment — the tool simulates it month by month and shows the months to payoff and the payoff date.
How is credit card interest calculated?
Roughly APR ÷ 12 is charged on your balance each month and added to what you owe, so it compounds on the remaining balance.
Should I pay more than the minimum?
Almost always — minimums keep you in debt for years. Extra payments go straight to principal and cut both time and total interest.
Can a balance transfer help?
A 0% intro-APR card pauses interest so payments hit principal — just mind the transfer fee and the rate after the intro period.
Related calculators & guides
This calculator is for educational and planning purposes only and provides estimates, not financial advice. Actual interest depends on your card's terms and how it calculates interest. See how we calculate.