Credit Card Payoff Calculator
Find how many months it takes to clear a credit card and the total interest, or the payment needed to be debt-free by a target date.
🔒 Runs entirely in your browser — nothing is uploadedThe payoff formula
A credit card charges interest on the balance that remains each month. The monthly rate is APR ÷ 12 ÷ 100, and each month interest of balance × monthly rate is added before your payment is applied. With a fixed monthly payment M, the number of months to reach a zero balance is n = −ln(1 − r·B ÷ M) ÷ ln(1 + r), where r is the monthly rate and B is the starting balance. The catch hidden in that formula is the term inside the logarithm: if the payment M is not larger than the first month's interest (r·B), the value becomes zero or negative, the logarithm is undefined, and the balance never falls. That is the mathematical version of "paying only the minimum keeps you in debt forever."
Two ways to plan
This calculator works in both directions. In payment mode you enter a fixed monthly amount and it solves for the number of months and the total interest you will pay along the way. In target mode you enter the number of months you want to be debt-free, and it rearranges the amortization formula to find the required payment: M = B × r ÷ (1 − (1 + r)−n). Switching modes lets you answer either question — "how long will this take?" or "what must I pay to finish by then?" — without touching a spreadsheet. Raising the payment a little usually cuts the payoff time and total interest sharply, because more of each payment attacks principal.
Getting out of debt faster
The biggest lever is paying more than the minimum. Because interest is charged on the remaining balance, every extra dollar today saves compounding interest tomorrow. Avoid adding new charges while you pay the card down, since fresh purchases reset your progress. A lower APR — from a balance transfer or a negotiated rate — also reduces the interest portion of each payment, but watch for transfer fees. All figures here are estimates calculated entirely in your browser with no account, statement upload or live-rate lookup. Confirm exact numbers with your card issuer, whose minimum-payment rules and daily compounding may differ slightly from this monthly model.
How to use
- Enter balance and APRType the current card balance and its annual percentage rate.
- Pick a modeChoose to set a fixed monthly payment, or a target number of months to be debt-free.
- Read the resultSee months to payoff and total interest, or the monthly payment needed to hit your target.