Credit card payoff calculator
Calculator
The calculator needs JavaScript. The tables below give the same numbers for common cases.
How it is worked out
- Each month: interest = balance × 0.01833333; the rest of the payment reduces the balance.
- Repeat until the balance reaches 0: 34 payments.
| Inputs | Answer |
|---|---|
| Find: Time to pay off, from a monthly payment; Balance: 5000; APR: 22; Monthly payment: 200; Months to pay off: 24 | Paying $200.00 a month clears $5,000.00 in 2 years 10 months with $1,749.88 interest. |
| Find: Monthly payment needed, from a payoff time; Balance: 5000; APR: 22; Monthly payment: 200; Months to pay off: 24 | To clear $5,000.00 in 24 months at 22% you need to pay $259.39 a month. |
| Find: Time to pay off, from a monthly payment; Balance: 12000; APR: 19.9; Monthly payment: 450; Months to pay off: 36 | Paying $450.00 a month clears $12,000.00 in 3 years 0 months with $3,973.58 interest. |
How to use it
Each month interest equals the balance times the APR ÷ 12, and the rest of your payment reduces the balance. $5,000 at 22% APR paying $200 a month takes 2 years and 10 months and costs about $1,750 in interest.
If the payment does not cover the monthly interest the balance never falls; the calculator tells you. Paying more than the minimum shortens the time and the interest a lot. These are estimates from the numbers you type, not financial advice or an offer; real products add fees and change rates.
Frequently asked questions
How long will it take to pay off my credit card?
Enter the balance, the APR and your monthly payment.
Why do minimum payments take so long?
They are small relative to the interest, so little goes to the principal.
What payment pays it off in 2 years?
Switch the mode to find the monthly payment for a payoff time.
Method: standard arithmetic shown step by step; no outside data is used. Checked 2026-11-12.
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General information only. Results are plain arithmetic on the numbers you enter; check anything important (money, health, school work) against your own records or the official source.