See how long it will take to pay off a credit card and how much interest you will pay, or find the monthly payment needed to be debt-free by a target date. A $5,000 balance at 22.36% APR with $200 a month takes 34 months to clear and costs about $1,793 in interest.
Credit Card Payoff Calculator
Months to pay off and total interest · Updated October 12, 2026
- Months to pay off
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- Monthly payment
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- Total interest
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- Total paid
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- Final payment
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Assumes no new purchases or fees and a fixed APR. Card issuers charge interest daily, so results can differ slightly.
How card interest is calculated
Your monthly interest is roughly the balance × APR ÷ 12. At 22.36%, that is 1.86% a month, or $93.17 on a $5,000 balance. Every payment first covers that interest; only the rest reduces the balance. That is why small payments barely move the debt.
Payment amount vs. time and interest
| Monthly payment | Months to pay off | Total interest |
|---|---|---|
| $150 | 53 | $2,886 |
| $200 | 34 | $1,793 |
| $300 | 21 | $1,043 |
| $500 | 12 | $585 |
Going from $150 to $300 a month cuts the payoff time from 53 to 21 months and saves about $1,843 in interest.
Two ways to pay off several cards
- Avalanche: pay the minimum on every card and put the extra on the highest-APR card first. It costs the least interest.
- Snowball: put the extra on the smallest balance first. It costs a little more but gives quick wins that help many people stay motivated.
FAQ
What if I only pay the minimum?
Minimum payments are often about 1% of the balance plus interest, so they fall as the balance falls and stretch repayment over many years. Your statement shows how long minimum payments would take.
Does a balance transfer help?
A 0% intro APR can save a lot of interest if you clear the balance before the promotion ends. Count the transfer fee (often 3% to 5%) and set the payment with this calculator so the balance is gone in time.
Related calculators
- Auto Loan CalculatorMonthly car payment and interest
- Compound Interest CalculatorSee what the same payments could grow to
Sources
- Federal Reserve G.19 Consumer Credit: Interest rate on credit card plans · release of October 7, 2026
- CFPB: How do credit card companies calculate interest?
Figures current as of October 12, 2026
Each formula is checked against a separate test sheet with at least three worked examples. Results are estimates based on the numbers you enter and the published rules; your actual figures may differ. This is general information, not financial or tax advice.
Spotted a mistake? Contact us and we will fix it and update the date above.