Credit card payoff calculator

Put in what you owe, the card's APR, and the amount you can pay each month. This calculator shows how many months it takes to reach a zero balance and how much of your money goes to interest along the way. The payment stays the same every month, which is the honest way to pay a card down — unlike the minimum, which shrinks as your balance shrinks and drags the payoff out for years. If a payment is too small to ever clear the balance, the tool says so instead of showing a misleading number.

How APR turns into a monthly charge

Card interest is quoted as an APR, but it is charged on the balance you carry month to month. The card divides the APR by twelve to get a monthly rate. A 22% card works out to about 1.83% a month; an 18% card is 1.50% a month. That charge is calculated first, and only what is left of your payment reduces the balance.

Say you owe $5,000 at 22%. The first month's interest is $5,000 × 0.0183 = about $91.67. If you pay $100 that month, only $8.33 actually comes off the balance — the other $91.67 just covers the rent on the money. That is the quiet math behind a balance that barely seems to move.

The minimum payment trap, in real numbers

The minimum shrinks every month as your balance falls, which is why it drags on for years — the minimum payment trap guide walks through why, with a picture. Here, hold a payment flat instead and watch what the calculator returns at 22% APR:

Most cards set the minimum at roughly 1–3% of the balance, which on a $5,000 balance lands near $100. Pay exactly that, holding it flat, and here is what the calculator returns at 22% APR:

• $100 a month: 137 months — more than 11 years — and about $8,678 in interest. You pay back nearly triple the balance.
• $150 a month: 52 months, about $2,798 in interest. Adding $50 cuts almost 7 years and roughly $5,880 of interest.
• $200 a month: 34 months, about $1,750 in interest. Double the $100 payment and you save close to $6,900 versus the minimum.

The reason the jump from $100 to $150 does so much is that the first $91.67 of every payment is spoken for by interest. At $100 only $8.33 attacks the balance; at $150 it is $58.33 — seven times as much principal from a payment that is only 50% larger.

Why extra payments compound in your favor

Every extra dollar goes straight to the balance, which lowers next month's interest, which frees up even more of the following payment to attack principal. The effect snowballs: a higher payment early on is worth far more than the same dollars added later, because it removes interest from every month that follows. Nudge the monthly payment up in the calculator and watch the months and total interest fall together — they move much faster than the payment itself.

A practical way to use this

• Find the largest fixed payment you can hold every month, even in a tight month, and commit to that number rather than the shifting minimum.
• If you carry balances on more than one card, point any extra at the highest-APR card first while paying the minimum on the rest, then roll that freed-up payment onto the next card.
• A 0% intro balance transfer pauses interest for a window, so nearly all of your payment hits principal — useful, but mind the transfer fee and the rate once the intro period ends.

Frequently asked questions

Last reviewed June 2026. This tool is for education, not financial advice.