Credit card payoff calculator

Debt-free in 3 years 8 months

Total interest: $2,790.68
Total paid: $8,790.68
Payment to be debt-free in 24 months: $311.27

What paying a little more each month saves you
Monthly payment	Time to pay off	Total interest	Interest saved
$200.00	3 years 8 months	$2,790.68	$0.00
$250.00	2 years 8 months	$1,979.05	$811.63
$300.00	2 years 2 months	$1,542.87	$1,247.82
$400.00	1 year 6 months	$1,081.25	$1,709.43

Interest is estimated monthly at APR ÷ 12 on the remaining balance, assuming no new purchases or fees. Card issuers usually charge interest daily, so your statement may differ slightly. Not financial advice.

This credit card payoff calculator shows how long it will take to clear your balance with a fixed monthly payment, the total interest you’ll pay, and the payment you’d need to be debt-free by a target date. It also compares what happens if you pay a bit more each month.

Example: $6,000 at 22% APR

Monthly payment	Time to pay off	Total interest
$200	3 years 8 months	$2,791
$250	2 years 8 months	$1,979
$300	2 years 2 months	$1,543
$400	1 year 6 months	$1,081

Going from $200 to $300 a month gets you out of debt 18 months sooner and saves about $1,250 in interest. To be debt-free in two years, you’d need to pay about $311 a month.

Tips to pay it off faster

Stop adding to the balance while you pay it down.
Pay more than the minimum, even a small amount: it goes straight to principal.
Consider a 0% balance transfer if you can pay the balance before the promotional period ends, and check the transfer fee first.

For guidance only, not financial advice.

FAQ

How is credit card interest calculated?

Your APR is divided across the year and charged on your unpaid balance. This calculator applies APR ÷ 12 each month; most issuers actually compute it daily, so your statement can differ slightly.

What happens if I only pay the minimum?

Minimum payments are designed to be small, so most of the money goes to interest and the balance shrinks very slowly. If your payment doesn't cover the monthly interest, the debt never gets paid off; the calculator will warn you.

Is it better to pay off the card with the highest rate first?

Mathematically, yes: paying extra on the highest-APR card first (the avalanche method) saves the most interest. Paying the smallest balance first (the snowball method) costs a bit more but can keep you motivated.