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Credit Card Payoff Calculator

How long a card balance takes to pay off at a fixed monthly payment, what the interest costs, and what paying a little more saves.

Paying $200 a month on $5,000 at 28.74% APR clears it in 3 years 3 months, and the interest costs $2,717, so you pay $7,717 in all.

Paid off in
3 years 3 months
Interest you pay
$2,717
Pay $50 more a month and save
$829 and 11 months
To be debt-free in 12 months
$484 a month
Balance owed each month, paying $200 and $250 a month$0$1k$2k$3k$4k$5k0102030Months━$200 a month━$250 a month
Download the schedule (CSV)
Payment schedule: $5,000 at 28.74% APR, paying $200 a month
MonthPaymentInterestPrincipalBalance
1$200.00$119.75$80.25$4,919.75
2$200.00$117.83$82.17$4,837.58
3$200.00$115.86$84.14$4,753.44
4$200.00$113.84$86.16$4,667.28
5$200.00$111.78$88.22$4,579.06
6$200.00$109.67$90.33$4,488.73
7$200.00$107.51$92.49$4,396.24
8$200.00$105.29$94.71$4,301.53
9$200.00$103.02$96.98$4,204.55
10$200.00$100.70$99.30$4,105.25
11$200.00$98.32$101.68$4,003.57
12$200.00$95.89$104.11$3,899.45
13$200.00$93.39$106.61$3,792.85
14$200.00$90.84$109.16$3,683.69
15$200.00$88.22$111.78$3,571.91
16$200.00$85.55$114.45$3,457.46
17$200.00$82.81$117.19$3,340.26
18$200.00$80.00$120.00$3,220.26
19$200.00$77.13$122.87$3,097.39
20$200.00$74.18$125.82$2,971.57
21$200.00$71.17$128.83$2,842.74
22$200.00$68.08$131.92$2,710.82
23$200.00$64.92$135.08$2,575.75
24$200.00$61.69$138.31$2,437.44
25$200.00$58.38$141.62$2,295.81
26$200.00$54.98$145.02$2,150.80
27$200.00$51.51$148.49$2,002.31
28$200.00$47.96$152.04$1,850.26
29$200.00$44.31$155.69$1,694.58
30$200.00$40.59$159.41$1,535.16
31$200.00$36.77$163.23$1,371.93
32$200.00$32.86$167.14$1,204.79
33$200.00$28.85$171.15$1,033.64
34$200.00$24.76$175.24$858.40
35$200.00$20.56$179.44$678.96
36$200.00$16.26$183.74$495.22
37$200.00$11.86$188.14$307.08
38$200.00$7.35$192.65$114.43
39$117.17$2.74$114.43$0.00

Credit cards with a 0% intro APR →

How long it takes to pay off a credit card at 24% APR (months, and the interest paid)

Balance$100 a month$200 a month$300 a month$500 a month
$1,00012 mo · $1276 mo · $654 mo · $463 mo · $31
$2,50036 mo · $1,00015 mo · $40610 mo · $2636 mo · $161
$5,000Never36 mo · $2,00121 mo · $1,14312 mo · $635
$10,000NeverNever56 mo · $6,64426 mo · $2,899
$15,000NeverNeverNever47 mo · $8,137
$20,000NeverNeverNever82 mo · $20,638

The monthly payment that clears a balance at 24% APR in one, two, three or five years

Balance1 year2 years3 years5 years
$1,000$95$53$39$29
$2,500$236$132$98$72
$5,000$473$264$196$144
$10,000$946$529$392$288
$15,000$1,418$793$588$432
$20,000$1,891$1,057$785$575

How this calculator works

Each month the calculator charges interest on what you owe at the APR divided by 12, adds it to the balance, then takes off your payment. It repeats until the balance reaches zero; the last payment is only what is left.

The number of months has a closed form, n = −ln(1 − r·B/P) / ln(1 + r), where B is the balance, P the payment and r the monthly rate. The month-by-month schedule gives the same answer and shows where each payment goes.

If the payment is no more than the first month's interest, the balance never falls, and the calculator says so instead of giving a date.

What it assumes

  • No new purchases, fees or penalty APR while you pay it off.
  • Card issuers charge a daily rate (APR ÷ 365) on your average daily balance, so real interest runs a little higher than this monthly model, by cents to a few dollars a month.
  • The APR stays the same. Most card APRs are variable and move with the prime rate.

Questions people ask

How long does it take to pay off $10,000 at $300 a month?

At 24% APR it takes 4 years 8 months, and the interest comes to $6,644. At 18% it takes 3 years 11 months. Put your own APR into the calculator above for your answer.

How is credit card interest calculated?

Most issuers divide the APR by 365 to get a daily periodic rate and charge it on your average daily balance for the billing cycle. If you pay the statement balance in full by the due date, the grace period means no interest on new purchases.

Why does paying only the minimum take so long?

Minimum payments are usually 1% of the balance plus that month's interest, or a small percentage of the balance, so most of each payment goes to interest. Your statement must show how long minimum payments would take and what paying it off in three years would cost each month (Regulation Z, 12 CFR 1026.7).

How much do I need to pay to be debt-free in two years?

Use the payment that clears the balance in 24 months: for $5,000 at 24% APR that's $264 a month. The table above has one to five years for common balances.

Is a balance transfer better than paying down the card?

Often, if you can clear the balance during the 0% period: the transfer fee (usually 3% to 5%) is typically far less than a year of interest at a card's APR. The balance transfer calculator compares the two for your numbers.

Does paying off a credit card raise my credit score?

Usually, because it lowers your credit utilization, the share of your card limits you are using, which scoring models weigh heavily. The effect shows once the lower balance is reported, typically on your statement date.

Terms explained

Related calculators

  • Credit Card Minimum Payment CalculatorHow your card's minimum payment is worked out, how long paying only the minimum takes, and what it costs in interest.
  • Balance Transfer CalculatorWhether moving a card balance to a 0% intro APR card saves money once the transfer fee is paid, and the payment that clears it before the 0% ends.
  • Credit Utilization CalculatorThe share of your credit limits you are using, overall and on each card, and how much to pay before your statement dates to bring it down.

Sources

Updated by the RateHerald team. The maths is tested against worked examples; report a problem.

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