Credit Card Payoff Calculator

Calculate how long it will take to pay off your credit card debt and how much interest you'll pay. Create a debt payoff strategy that saves you money.

Calculator Inputs
$
%
$
%
Your Results

Enter your values and click Calculate to see results

Debt Elimination Strategy

Payoff Timeline

See exactly when you'll be debt-free based on your monthly payment amount.

Interest Cost Analysis

Calculate total interest you'll pay and see how extra payments reduce this amount.

Payment Comparison

Compare minimum payments vs. fixed payments to find the fastest debt elimination path.

Credit Card Payoff Formula

The formula calculation is standard for this mathematical operation.

M = \frac{P \times r \times (1 + r)^n}{(1 + r)^n - 1}

Variables Explained:

M
Months to pay off debt
P
Principal (current balance)
r
Monthly interest rate (APR / 12)
n
Number of payment periods

Worked Examples

Aggressive Payoff Strategy
$5,000 balance at 18.99% APR with $300/month payments

Inputs:

balance:
5000
apr:
18.99
payment Strategy:
fixed
monthly Payment:
300
minimum Percent:
2

Result:

Paid off in 19 months with $664 interest

Minimum Payment Warning
$3,000 balance at 22% APR paying only minimums (2%)

Inputs:

balance:
3000
apr:
22
payment Strategy:
minimum
monthly Payment:
60
minimum Percent:
2

Result:

Takes 20+ years with $5,000+ interest

Moderate Debt Elimination
$10,000 balance at 15.99% APR with $400/month payments

Inputs:

balance:
10000
apr:
15.99
payment Strategy:
fixed
monthly Payment:
400
minimum Percent:
2

Result:

Paid off in 30 months with $1,918 interest

Frequently Asked Questions