This is an estimate, not financial advice. Your card's exact interest, fees, new purchases and promotional rates will change the numbers. It assumes you stop adding charges to the card.
How the payoff is calculated
Each month the calculator adds interest at your APR divided by 12, then subtracts your payment. It repeats until the balance hits zero, with a smaller final payment to finish it off. In target mode it solves for the fixed payment that clears the balance in exactly the months you choose.
new balance = balance × (1 + r) − payment
payment for n months = balance × r ÷ (1 − (1 + r)−n)
For comparison, it also runs a minimum-payment plan using a common issuer formula: 1% of the balance plus that month's interest, never less than $25. Because the minimum shrinks as the balance falls, that plan takes years longer.
Example: $5,000 at 22% APR
The average APR on cards that charge interest is around 22%, according to the Federal Reserve's G.19 consumer credit data. Here's a $5,000 balance paid at $200 a month, starting October 2026.
| Plan | Result |
|---|---|
| First month's interest ($5,000 × 22% ÷ 12) | $91.67 |
| Balance after 12 payments | $3,560.57 |
| Balance after 24 payments | $1,770.49 |
| Debt-free in | 2 years 10 months (July 2029) |
| Total interest / total paid | $1,749.88 / $6,749.88 |
| Minimum payments only | 19 years 2 months, $8,099.77 interest |
| Interest saved by paying $200 | $6,349.89 |
Want it gone in 24 months instead? Switch the mode: the required payment is $259.39, and total interest falls to $1,225.38.
Ways to pay it off faster
- Pay a fixed amount, not the minimum. Minimums fall as your balance falls, which is exactly what stretches payoff out for decades. Set a fixed autopay amount and leave it.
- Avalanche or snowball. With several cards, pay minimums on all and throw extra at either the highest APR (avalanche, least interest) or the smallest balance (snowball, quicker wins).
- Ask for a lower rate. If you pay on time, call your issuer. Even a few points off a 22% APR saves real money on a multi-year payoff.
- Consider a 0% balance transfer if your credit is good, and divide the balance plus the transfer fee by the intro months to set your payment.
- Stop new charges. The plan only works if the balance isn't growing behind you. Keep a small emergency fund so surprises don't land on the card.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on your balance, APR and payment. A $5,000 balance at 22% APR takes 34 months at $200 a month and costs about $1,750 in interest. Paying only a typical minimum of 1% plus interest stretches the same balance to more than 19 years.
How is the credit card minimum payment calculated?
Each issuer sets its own formula, found in your cardholder agreement. Common versions are 1% of the balance plus that month's interest and fees, or a flat 2% to 3% of the balance, with a floor of around $25 to $35. The comparison in this calculator uses 1% plus interest with a $25 floor.
Why is my balance barely going down?
Most of a small payment goes to interest. At 22% APR, a $5,000 balance builds up about $92 of interest in the first month, so a $100 payment only reduces the balance by about $8. If your payment is at or below the monthly interest, the balance never goes down.
Is monthly interest calculated exactly like this calculator?
Close, but not exactly. Most cards charge interest daily on your average daily balance, using APR ÷ 365. Dividing the APR by 12 each month is a standard approximation and usually lands within a few dollars of your statements.
Should I pay off credit card debt or build savings first?
A common approach is to keep a small starter emergency fund, often $1,000 or one month of expenses, so a surprise bill doesn't go back on the card, then put every extra dollar toward cards charging 20% or more. Few savings accounts come close to that rate.
Does a balance transfer help?
It can. A 0% intro APR transfer card lets every payment go to principal, but most charge a 3% to 5% transfer fee and the rate jumps when the intro period ends. Divide the balance by the intro months to find the payment that clears it in time.
Rates and figures last checked September 2026.
This calculator gives estimates for planning. Check current rates and product labels before you buy, list or file.