Credit Card Payoff Calculator

How to use this credit card payoff calculator

Choose a mode at the top of the calculator. "I have a budget" lets you enter a monthly payment and see when you'll be debt-free. "I have a goal" lets you pick a target payoff date and finds the payment that gets you there. Either way, you'll see your total interest cost and total amount paid.

The math behind it

Each month, interest accrues on your balance at your APR divided by 12. Your payment first covers that interest, then reduces the principal. The cycle repeats until the balance hits zero. The longer you take, the more interest you pay — which is why paying even $50 extra per month can shave years off your debt.

How to pay off credit card debt faster

• Pay more than the minimum. Minimum payments are designed to keep you in debt for 10+ years.
• Use the avalanche method: put extra money toward your highest-APR card first to save the most interest.
• Consider a balance transfer to a 0% intro APR card (typically 12–21 months) to pause interest charges.
• Look into a debt consolidation loan at a lower rate than your cards.
• Stop adding new charges while you pay down existing debt.

Typical credit card interest rates

• Average APR (2026): ~22%
• Rewards cards: typically 1–3% higher than no-frills cards
• Penalty APR: up to 29.99% triggered by late payments

At 22% APR, paying only the 2% minimum on a $5,000 balance means you'll pay over $5,800 in interest and take 30+ years to pay it off. Use this calculator to escape that trap.