Your plan: $150.00 a month
- Debt-free
- 47 months in
- Time
- 3 years, 11 months
- Total interest
- $1,984
- Total paid
- $6,984
Credit card payoff calculator
See how long your card will take to clear at a payment you choose, or work out the payment needed to be debt-free by a date. It also shows what paying only the minimum would cost.
Enter your card details
On your statement, usually 15% to 30%.
What do you want to work out?
Issuer minimum payment rule (used for the minimum-payment comparison)
Paying only the minimum
- First payment
- $125.00
- Debt-free
- 222 months in
- Time
- 18 years, 6 months
- Total interest
- $6,539
Your plan saves $4,555 in interest and finishes 14 years, 7 months sooner than paying the minimum.
What it takes to be clear by a set date
| Pay off in | Monthly payment | Total interest |
|---|---|---|
| 6 months | $877.63 | $266 |
| 1 year | $458.40 | $501 |
| 2 years | $249.62 | $991 |
| 3 years | $180.77 | $1,507 |
| 4 years | $146.88 | $2,050 |
| 5 years | $126.97 | $2,618 |
Month-by-month schedule
| Month | Date | Payment | Interest | Principal | Balance left |
|---|---|---|---|---|---|
| 1 | 1 month in | $150.00 | $75.00 | $75.00 | $4,925.00 |
| 2 | 2 months in | $150.00 | $73.88 | $76.12 | $4,848.88 |
| 3 | 3 months in | $150.00 | $72.73 | $77.27 | $4,771.61 |
| 4 | 4 months in | $150.00 | $71.57 | $78.43 | $4,693.18 |
| 5 | 5 months in | $150.00 | $70.40 | $79.60 | $4,613.58 |
| 6 | 6 months in | $150.00 | $69.20 | $80.80 | $4,532.78 |
| 7 | 7 months in | $150.00 | $67.99 | $82.01 | $4,450.77 |
| 8 | 8 months in | $150.00 | $66.76 | $83.24 | $4,367.53 |
| 9 | 9 months in | $150.00 | $65.51 | $84.49 | $4,283.04 |
| 10 | 10 months in | $150.00 | $64.25 | $85.75 | $4,197.29 |
| 11 | 11 months in | $150.00 | $62.96 | $87.04 | $4,110.25 |
| 12 | 12 months in | $150.00 | $61.65 | $88.35 | $4,021.90 |
| 13 | 13 months in | $150.00 | $60.33 | $89.67 | $3,932.23 |
| 14 | 14 months in | $150.00 | $58.98 | $91.02 | $3,841.21 |
| 15 | 15 months in | $150.00 | $57.62 | $92.38 | $3,748.83 |
| 16 | 16 months in | $150.00 | $56.23 | $93.77 | $3,655.06 |
| 17 | 17 months in | $150.00 | $54.83 | $95.17 | $3,559.89 |
| 18 | 18 months in | $150.00 | $53.40 | $96.60 | $3,463.29 |
| 19 | 19 months in | $150.00 | $51.95 | $98.05 | $3,365.24 |
| 20 | 20 months in | $150.00 | $50.48 | $99.52 | $3,265.72 |
| 21 | 21 months in | $150.00 | $48.99 | $101.01 | $3,164.71 |
| 22 | 22 months in | $150.00 | $47.47 | $102.53 | $3,062.18 |
| 23 | 23 months in | $150.00 | $45.93 | $104.07 | $2,958.11 |
| 24 | 24 months in | $150.00 | $44.37 | $105.63 | $2,852.48 |
How a card balance behaves
Take $5,000 at 18% APR. Each month the card adds about $75 in interest (that is $5,000 x 18% / 12). If your payment is $150, only $75 of it reduces the balance in the first month. The next month the balance is a little lower, so the interest is a little lower, and slightly more of the same payment goes on the balance. That slow change in the split is why a card feels stuck at the start and then speeds up.
Two consequences follow. First, any payment at or below the monthly interest ($75 here) never clears the card. The calculator warns you. Second, small changes in the payment move the finish date a lot, as the table below shows.
Worked example: $5,000 at 18%
| How you pay | Monthly payment | Time to clear | Total interest |
|---|---|---|---|
| Minimum only (1% + interest, $25 floor) | $125 and falling | 18 years, 6 months | $6,539 |
| Fixed $150 | $150 | 3 years, 11 months | $1,984 |
| Clear in 3 years | $180.77 | 3 years | $1,507 |
| Clear in 1 year | $458.40 | 1 year | $501 |
The gap between the first and second rows is the minimum-payment trap. A payment that is only $25 a month higher than the first minimum saves $4,555 in interest and about 14 years, 7 months. The key difference is that $150 stays fixed while the minimum shrinks.
Why does paying the minimum take so long?
Issuers calculate the minimum differently, so check your statement. A common US formula is 1% of the balance plus the month's interest, with a floor of $25 or so. In the UK, a typical rule is the larger of interest plus 1% of the balance or a fixed amount. Open the "Issuer minimum payment rule" box in the calculator to match your card. Whatever the formula, the pattern is the same: the minimum is designed to keep the account in good standing, not to clear it in a reasonable time.
A simple habit: when you start repaying, set your payment at the first month's minimum rounded up to a fixed amount, and keep it there as the balance falls. In this page's worked example ($5,000 at 18%), keeping the payment at $150 instead of letting it shrink from $125 makes most of the difference.
How can you pay off a credit card faster?
- Set a fixed payment, not a percentage. It keeps the payment from shrinking with the balance.
- Add small extras. Use the calculator to see what an extra $25 or $50 a month does to the finish date.
- Stop adding to the card. The calculator assumes no new purchases. New spending moves the finish line.
- Compare moving the balance. A lower-rate card or loan can cut interest, but check transfer fees, how long a promotional rate lasts and what it reverts to.
- Several debts? Use the debt payoff calculator to choose between the snowball and the avalanche.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on three numbers: the balance, the APR and what you pay each month. For a $5,000 balance at 18%, paying $150 a month takes 3 years, 11 months and costs $1,984 in interest. Paying $200 takes 2 years, 8 months. The calculator above does this for your own card, and it also works backwards: choose "Payment needed" and enter the number of months you want.
Why does paying only the minimum take so long?
Most issuers set the minimum as a small percentage of the balance, often plus that month's interest, with a floor. As the balance falls, the minimum falls with it, so you never pay quickly. On the same $5,000 at 18%, a 1% plus interest minimum starts at $125 and takes 18 years, 6 months, costing $6,539 in interest. Check your own statement: some countries require the statement to show this projection.
How is credit card interest calculated?
Most cards charge a daily rate (APR divided by 365) on your average daily balance, added to the account each billing cycle. This calculator uses a monthly rate (APR divided by 12) instead, which is simpler and gives results close to a real statement, though the actual figure can differ by a small amount. If you pay the full statement balance by the due date, most cards charge no interest on new purchases, so this tool is for balances you are carrying.
What APR should I enter?
Use the purchase APR shown on your statement. If you have a promotional rate, such as 0% for 12 months, run the calculator at the promotional rate for the months it applies and again at the standard rate afterwards, or use the standard rate for a cautious estimate. The tool uses one fixed rate throughout.
Should I pay off my credit card or save first?
That is a personal call, and this page cannot make it for you. As a general point, card interest at 18% to 25% is usually higher than any savings rate, which is why many people build a small emergency buffer and then put the rest into the card. A conversation with a qualified advisor or a nonprofit credit counselor can help you decide.
What if I have more than one card?
Use the debt payoff calculator, which handles up to 15 debts and shows both the snowball and avalanche orders. This page is for working out a single card in detail, including the payment needed to be clear by a date.