Credit Card Payoff Calculator

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See exactly how long it will take to pay off your credit card and how much interest you'll pay in total.

Quick answer: On a $5,000 balance at 22.9% APR, paying a fixed $100/month takes about 13.7 years and costs roughly $11,300 in interest. Raising the monthly payment cuts both dramatically: the payoff calculator shows your exact months-to-debt-free, total interest, and full month-by-month schedule for any payment amount you enter.

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Time to Pay Off

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Total Interest Paid$0
Total Amount Paid$0
📊 Show Full Payoff Schedule
Month Payment Principal Interest Balance

📐 Formula

Monthly Interest = Balance × (APR ÷ 12). Remaining Balance = Previous Balance + Interest − Payment

How to Use the Credit Card Payoff Calculator

1

Enter balance and APR

Input your card's current balance and annual interest rate. For multiple cards, calculate each separately to compare payoff strategies.

2

Set your monthly payment

Enter what you can realistically pay per month. Then experiment with higher amounts: even $50 extra can cut a year off the payoff timeline.

3

Try the avalanche vs snowball approaches

Avalanche: pay minimums on all cards and direct extra to the highest-APR card first, which minimizes total interest. Snowball: tackle smallest balance first for psychological momentum.

4

Note the payoff date

Use this as your debt-free target date, a concrete milestone that makes abstract financial goals tangible and actionable.

5

Review the full payoff schedule

Expand the schedule below the results to see every month's payment split into principal and interest, plus the running balance, until the card reaches $0.

Before picking a payoff strategy, it helps to know exactly what each card is costing you right now: the Credit Card Interest Calculator shows the daily, monthly, and annual interest on any single balance and APR, with no payment plan needed.

Avalanche vs Snowball: The Numbers

The debt avalanche directs extra payments to the highest-APR balance while paying minimums on others. Once that balance is cleared, roll the payment into the card with the next-highest APR. Mathematically optimal: a household with $18,000 across three cards at 26%, 20%, and 14% APR saves approximately $1,800–$2,400 in total interest using the avalanche versus the snowball, depending on balances and payment amounts.

The debt snowball pays the smallest balance first regardless of rate. The mathematical cost is slightly higher total interest, but the psychological benefit is real: eliminating a card entirely and experiencing a concrete win early improves completion rates for many people. Research in behavioral finance suggests the snowball may produce better real-world outcomes because sustained behavior change requires motivation, not just optimization. Choose the method you will actually follow through on.

Balance Transfer Timing: When the Math Works

A 0% promotional balance transfer can eliminate 12–21 months of interest on transferred balances. Transferring $8,000 from a 24% APR card to a 0% card for 15 months saves approximately $2,400 in interest, assuming the balance is carried without being paid down during that period (24% × $8,000 × 15/12 months). The cost: a 3–5% transfer fee ($240–$400) and a credit inquiry. The transfer makes financial sense when the interest saved exceeds the fee and you have a concrete plan to clear the balance before the promotional period ends, since rates typically jump to 20%+ afterward.

How to Compare Avalanche vs Snowball by Hand: Worked Example

Suppose you owe on two cards, $6,000 at 26.99% APR and $3,000 at 17.99% APR, and can commit $400 per month in total, paying minimums (2% of balance or $25, one common issuer formula) on whichever card is not the current target.

Avalanche attacks the 26.99% card first because it charges the most per borrowed dollar. Simulating the payoff month by month: debt-free in 31 months with about $2,861 of total interest.

Snowball attacks the $3,000 card first for the quick win. Same $400 budget: debt-free in 32 months with about $3,418 of interest.

The avalanche saves roughly $556 and one month here. The gap grows when the rate spread between cards is wider and shrinks when rates are similar, which is why the honest answer to "which method is best" is: avalanche is mathematically optimal, snowball is behaviorally easier, and the method you will actually sustain to the end is the right one. What matters far more than the ordering is the $400 staying fixed as balances fall, instead of shrinking with the minimums.

How Do You Find Extra Payment Money Without a Raise?

What does one extra $100 per month do to the payoff date?

Re-running the example at $500 per month instead of $400 clears both cards roughly eight months sooner and cuts about $740 of interest. On high-APR debt, every extra dollar of payment earns a guaranteed, tax-free return equal to the card's interest rate: at 26.99%, no ordinary investment reliably competes with that.

Should you pause investing to pay off cards faster?

The standard sequencing: capture any employer 401k match first (an instant 50–100% return beats any APR), then direct everything above the match toward cards charging more than ~8–10%, then resume full investing once the cards are gone. Pausing the match to pay an 18% card is trading a 50% return for an 18% one; the only investing step worth pausing is the unmatched portion.

What keeps the balance from coming back?

The payoff plan needs a companion: a small emergency fund (even $1,000) so the next car repair lands on cash instead of the freshly cleared card. Households that pair the two are far more likely to still be at zero a year later.

⚠️ Disclaimer Payoff timelines assume a fixed payment and no new charges added to the balance; real payoff dates shift with rate changes, fees, or additional spending, and this tool is not a substitute for personalized financial advice.

Frequently Asked Questions

Credit card interest uses the daily periodic rate (APR ÷ 365). Each day, interest accrues on your outstanding balance. That's why paying more than the minimum saves significant money.
On a $5,000 balance at 22.9% APR with a fixed $100 payment, it would take about 13.7 years (164 months) to pay off and cost roughly $11,300 in interest alone.
For credit cards, APRs below 15% are considered good. Most rewards cards range from 18–28%. A 0% introductory APR period is ideal for paying down existing balances.
Avalanche method (pay highest APR first) saves the most money in interest: mathematically optimal. Snowball method (pay smallest balance first) provides faster psychological wins and often leads to higher completion rates. If motivation is a concern, snowball wins. If you're disciplined, avalanche saves more money.
At 22% APR paying only a declining minimum (1% of balance plus accrued interest, a common real-world formula): roughly 25 years and about $17,300 in interest. Paying a fixed $300/month instead: paid off in about 4 years 4 months with roughly $5,600 in interest. Paying $500/month: paid off in about 2 years 2 months with roughly $2,570 in interest. Extra payments have an outsized impact at high APRs.
Yes, expand "Show Full Payoff Schedule" below the results to see every month's payment split into principal and interest, plus the running balance, from today until the card reaches $0.
Not directly. The calculator models one balance at a time. For multiple cards, run each balance through separately using the avalanche or snowball order described above, updating the payment amount each time a card is paid off. This is the same method used in the worked example on this page.

Sources & Methodology

Calculations are based on the most current publicly available data from authoritative government and industry sources: