Credit Card Payoff Calculator
Enter your balance, APR, and monthly payment to find your debt-free date and total interest, then see how much extra payments save you.
Last updated: October 2026
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How credit card interest works against you
Credit card interest compounds monthly at brutal rates: 22% APR means about 1.83% added to your balance every single month. Each month's interest is calculated on the full remaining balance, so early in the payoff nearly your entire payment goes to interest and the balance barely moves. This is why the first year of minimum payments feels like running in place.
B is the balance, r is the monthly rate (APR divided by 12), and P is the monthly payment. Notice what happens when the payment P is only slightly bigger than the monthly interest B x r: the term inside the logarithm approaches zero and the payoff time explodes. That single relationship is the entire minimum-payment trap.
The minimum-payment trap
Card issuers typically set minimums around 1 to 2% of the balance. That sounds manageable, which is exactly the point: it keeps you paying for years while interest piles up. Take a $5,000 balance at 22% APR with $100 monthly payments. The first month's interest alone is $91.67, so only $8.33 reduces the balance. The simulation shows 137 months (over 11 years) to pay it off, with $8,678 in total interest, nearly double what you borrowed. The minimum is designed to maximize the lender's profit, not to get you out of debt.
Worked example: the power of an extra $100
Same $5,000 balance at 22% APR, but pay $200 a month instead of $100. Now the first month's $91.67 of interest leaves $108.33 attacking principal, and the balance starts falling fast. Payoff drops to about 32 months with roughly $1,600 in total interest. Doubling the payment cut the payoff time by more than three quarters and saved over $7,000 in interest. Every extra dollar goes straight to principal once the interest for the month is covered, which is why extra payments are so disproportionately powerful on high-rate debt.
Avalanche vs. snowball: which debt first
If you carry balances on multiple cards, the avalanche method (pay minimums everywhere, throw extra cash at the highest APR first) minimizes total interest mathematically. The snowball method (attack the smallest balance first) costs a little more in interest but delivers quick wins that keep motivation high. The best method is the one you will actually stick with for months. Run each card through this calculator to see your personal numbers.
How to speed up your payoff
Stop new charges on the card you are paying down, or at least pay new spending in full. Pay more than the minimum, even $25 extra matters enormously at 20%+ APR. Ask for a lower rate: a five-minute call to the issuer sometimes works, especially with a good payment history. Consider a balance transfer to a 0% introductory card if you can pay it off within the promo window, but watch the transfer fee (usually 3 to 5%) and the rate that kicks in after. Automate the payment so a missed month never adds a late fee on top of the interest.
What the statement minimum really costs you
Look at any card statement and you will find a minimum-payment warning box showing how long payoff takes at minimums versus a higher fixed payment. Those boxes exist because regulators forced them there: the contrast is deliberately shocking. A $5,000 balance at 22% APR takes over 11 years at $100 a month but about 32 months at $200. The lesson generalizes to every balance you carry: the minimum is a suggestion optimized for the lender, and any fixed amount above it dramatically shortens the payoff timeline.
Credit Card Payoff FAQs
How long does it take to pay off $5,000 at 22% APR paying $100 a month?
About 137 months, over 11 years, with roughly $8,678 in total interest. That is the minimum-payment trap: the first month alone adds $91.67 in interest, so only $8.33 goes toward the balance.
Why does paying only the minimum take so long?
Because minimums are set just above the monthly interest charge. Most of each payment covers interest and very little reduces the balance, so the debt shrinks at a crawl while interest keeps compounding on nearly the full amount.
What is the debt avalanche method?
Pay the minimum on every card, then put all extra money toward the card with the highest APR. Once it is gone, roll that payment into the next-highest-rate card. It minimizes total interest paid across all your debts.
Should I stop using the card while paying it off?
Yes, if you can. New charges add to the balance that is accruing interest at 20% or more, which directly extends your payoff time. Use a debit card or a separate card you pay in full while you attack the balance.
Will paying extra each month really make a big difference?
Enormous. On a $5,000 balance at 22% APR, going from $100 to $200 a month cuts payoff from about 137 months to about 32 months and saves over $7,000 in interest. Extra payments go straight to principal after the month's interest is covered.
Does carrying a balance help my credit score?
No, that is a myth. Carrying a balance costs interest and raises your utilization ratio, which hurts your score. Paying on time and in full builds the same payment history without the interest. Keep utilization under 30%, ideally under 10%.
What is a typical credit card APR?
As of recent data, average card APRs sit in the low to mid 20% range, with penalty rates higher and excellent-credit cards lower. Store cards often charge the most. If your rate is well above average, call your issuer or shop for a balance transfer.