TheCalculatory
Financial · Borrowing & Debt Formula verified

Credit Card Payoff Calculator

Enter your balance, APR and the fixed amount you plan to pay each month to see how many months it takes to reach zero, and the total interest along the way.

Solve for
$
$0$15k$30k
%
0%20%40%
$
$0$1.5k$3k
On-screen number pad
Tap to type into the highlighted field
Months to pay off
33 months
Total interest: $1,522.10
Total interest
$1,522.10
Total paid
$6,522.10

Step-by-step proofCheck by hand
This is an estimate based on the balance, APR and payment you enter, assuming no new charges and a fixed payment every month. Real credit card statements compound daily and add fees that this tool doesn't model, and any new spending on the card resets the math. Consult a nonprofit credit counselor or financial advisor for a full debt payoff plan.

How a fixed payment clears a balance

Each month, interest accrues on whatever balance is left, then the fixed payment is applied — first to that month's interest, with the remainder reducing the principal. As the balance shrinks, less of each payment goes to interest and more goes to principal, so payoff accelerates even though the payment stays the same. If the payment doesn't even cover a month's interest, the balance never shrinks at all.

The formula

n = −ln(1 − rB/P) / ln(1 + r)  ·  r = APR ÷ 12 ÷ 100

Worked example

$5,000 balance at 20% APR, paying $200/month: it takes about 33 months to reach zero, at a total cost of about $1,522 in interest.

Frequently asked questions

Why does a small payment increase never seem to make much difference?
Because most of a credit-card-sized payment on a high-APR balance goes to interest first, only the remainder shrinks the principal — a small increase in payment goes entirely to extra principal, which compounds into a large drop in months-to-payoff, but only once the payment clears the interest-only threshold by a meaningful margin.
What happens if my payment doesn't cover the interest?
The balance never shrinks — it grows instead, since the unpaid interest gets added to what's owed next month. This calculator flags that case rather than showing a payoff time, because there isn't one at that payment level.
How is this different from the Loan Calculator?
A loan has a fixed term and the calculator solves for the payment; here the payment is fixed and the calculator solves for the term instead — the same annuity relationship, worked in the opposite direction. See the Loan Calculator for the fixed-term version.
Sources and method
  • Standard fixed-payment amortization (annuity) formula — general published finance mathematics.
  • Consumer Financial Protection Bureau — guidance on credit card interest and minimum payments.
Last reviewed: 20 Sep 2026 Sources last verified: 20 Sep 2026 Results use the assumptions explained on this page. Report an error How we check calculations

Related calculators

Loan Calculator Monthly payment, total interest and a full amortization schedule. 4 inputsOpen → Compound Interest Calculator Watch savings grow when interest earns interest, with a year-by-year schedule. 6 inputsOpen → Simple Interest Calculator Straight-line interest on a principal — no compounding, no reinvested earnings. 3 inputsOpen →