Credit card payoff calculator

How many months it takes to clear your balance with a fixed monthly payment, how much interest you pay, and what a bigger payment would save.

Months to pay off

52 months

4 years 4 months · $2,798 in interest

Interest $2,798
Total paid $7,798
Last payment $148.05

With a balance of $5,000.00 at 22% APR and $150.00 a month, you are debt-free in 52 months (4 years 4 months). You pay $2,798.05 in interest, so $7,798.05 in all. The last payment is $148.05.

Paying $50.00 more each month would clear it 1 year 6 months sooner and save $1,048.17 of interest. With $100.00 more it saves $1,512.33.

Real cards charge interest on the daily balance and may use a different method, so your statement can differ by a few dollars. This is an estimate with a fixed APR and no new purchases.
A payment that only just covers the interest keeps you in debt for many years. A small increase in the payment can cut the time a lot.

What you pay back in total

Balance$5,00064%
Interest$2,79836%

I’m not an accountant or a financial advisor. This is an estimate, for information only. Check with a professional before you decide.

Your numbers

example: change the numbers

Card balance

What you owe on the card today, as shown on your latest statement. If you have several cards, use the debt payoff calculator.

Interest rate (APR)

The yearly interest rate on the card, shown on your statement. The example is not today’s market rate: use your own.

What you pay each month

A fixed amount you pay every month, with no new purchases on the card. If you pay only the minimum, use the amount on your statement.

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To be debt-free sooner

Pay off in	Monthly payment	Interest	Total paid
12 months	$467.97	$615.64	$5,615.64
24 months	$259.39	$1,225.36	$6,225.36
36 months	$190.95	$1,874.20	$6,874.20
60 months	$138.09	$3,285.40	$8,285.40

How it works

Each month the card adds interest equal to your balance × the APR ÷ 12. Your payment first covers that interest, and what is left reduces the balance.
The next month the interest is smaller, because the balance is smaller, so more of the same payment goes to the balance. Repeat until the balance is zero.
If your payment is not more than the first month’s interest, the balance never goes down. Count the months until it reaches zero for the time to pay off, and add up the interest you were charged.

Worked example

$5,000 at 22% APR paying $150 a month: interest in the first month is $91.67, so only $58.33 goes to the balance. It takes 52 months (4 years 4 months), the interest comes to $2,798.05 and the last payment is $148.05. At $300 a month it takes 21 months and $1,021.60 of interest.

Sources

Text checked on October 12, 2026

Good to know

Credit card interest compounds: you pay interest on the interest that has not been paid. That is why a balance can take years to clear when you pay little each month.
The most useful number is not the minimum payment but the payment that clears the card in a time you choose. The table shows it for 1, 2, 3 and 5 years.
If you have several cards or loans, paying the highest rate first saves the most interest, and paying the smallest balance first can be easier to stick to. The debt payoff calculator compares the two.
A balance transfer or a lower-rate loan can cut the interest, but it may have fees and a promotional period that ends. Read the terms first.
Stop using the card while you pay it off: new purchases add to the balance and to the interest.
This is an estimate for a fixed rate and a fixed payment. Your statement shows the real figures.

Frequently asked questions

How long will it take to pay off my credit card?

It depends on the balance, the APR and what you pay each month. $5,000 at 22% with $150 a month takes 52 months, a little over 4 years. Enter your own numbers above.

How much interest will I pay on my credit card?

The total of your payments minus the balance. On $5,000 at 22% with $150 a month, $2,798.05. A bigger payment cuts it a lot: $300 a month brings it to $1,021.60.

Why does paying the minimum take so long?

The minimum is often only slightly more than the interest, so very little goes to the balance. Most of each payment is interest for a long time.

What payment clears my card in 12 months?

The table shows the monthly payment for 12, 24, 36 and 60 months with your balance and APR. For $5,000 at 22% it is $467.97 a month for 12 months, and $259.39 for 24.

Does paying extra each month help a lot?

Yes. Every extra dollar goes straight to the balance, so you skip the interest it would have attracted. Even $50 a month more can take months off the payoff and save hundreds in interest.