Credit Card Payoff Calculator
Calculate your path to becoming debt-free. See how long it will take to pay off your credit card and how much interest you'll pay.
Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card debt
Formula
Months = -log(1 - (r × B / P)) / log(1 + r)How to Use This Calculator
- 1
Enter your balance
Input your current credit card balance.
- 2
Add your APR
Enter your card's annual percentage rate (found on your statement).
- 3
Set monthly payment
Enter how much you can pay each month.
- 4
View your timeline
See how long until you're debt-free and total interest paid.
Frequently Asked Questions
What is APR?
APR (Annual Percentage Rate) is the yearly interest rate charged on your credit card balance. It's typically between 15-25% for most cards.
Should I pay more than the minimum?
Yes! Paying only the minimum can take decades to pay off debt and costs thousands in interest. Even small increases help significantly.
What's the debt avalanche method?
Pay minimums on all cards, then put extra money toward the highest APR card first. This minimizes total interest paid.
What's the debt snowball method?
Pay off smallest balances first for psychological wins, then roll those payments into larger debts.