Credit Card Payoff Calculator

Credit card payoff calculator: how many months to pay off a balance and the total interest at your APR and monthly payment.

Editorial review: Farrow (pseudonym; identity and professional credentials are not disclosed). This page is for educational purposes, not professional advice.

Your inputs

Results update as you type. Nothing you enter leaves your device.

Time to pay off

3 yr 1 mo

Total interest: $2,548.66
Total paid: $9,048.66
Interest this month: $123.50

Example with the starting values

These results use the calculator's initial inputs. Change the values above to calculate your own estimate.

Inputs

Card balance: 6500 $
APR: 22.8 %
Monthly payment: 250 $

Results

Time to pay off: 3 yr 1 mo
Total interest: $2,548.66
Total paid: $9,048.66
Interest this month: $123.50

How does the Credit Card Payoff Calculator work?

Credit card payoff is the time it takes to bring a card balance to zero with a fixed monthly payment while interest keeps accruing.

Each month, interest is charged at APR ÷ 12 on the remaining balance, then your payment is applied. This repeats until the balance reaches zero. If your payment doesn't cover the monthly interest, the balance never goes down.

For example, a $6,500 balance at 22.8% APR with a $250 monthly payment takes about 3 years 1 month to pay off and costs about $2,549 in total interest.

Sources

Frequently asked questions

How is credit card interest calculated?

Most cards divide the APR by 365 to get a daily rate and apply it to your average daily balance. Paying the full statement balance by the due date usually avoids interest.