Credit Card Payoff Calculator — Time & Total Cost to Pay Off
Enter what you can afford to pay each month and see exactly when your credit card balance hits zero — and how much interest the card will cost you in total.
%
Months until the balance reaches zero at this fixed payment
6,133.03
total paidPrincipal
81.5%
Total interest
18.5%
- 1
Monthly rate
r = 20% ÷ 12 ÷ 100 = 0.016667 - 2
Monthly interest ÷ payment
5,000 × 0.016667 ÷ 250 = 0.333333The share of each payment consumed by interest in month 1. - 3
Months (exact)
−ln(1 − 0.333333) ÷ ln(1 + 0.016667) = 24.53 - 4
Months to pay off (rounded up)
⌈24.53⌉ = 25
How does this calculator work?
Payoff time n = −log(1−P·r/M)/log(1+r) months, where P = balance, r = APR/12/100, M = monthly payment. Total interest = total paid minus the original balance. On a $5,000 balance at 20% APR, $250/month pays off in ~26 months with ~$1,200 in interest. Adding even $25–$50/month makes a large difference in total cost.
Formula
How this is calculated
When you make a fixed monthly payment M on a credit card with balance P and monthly rate r = APR ÷ 12 ÷ 100, the payoff formula is n = −log(1 − P·r/M) / log(1+r). This calculator simulates the payoff month by month for exact totals: each month it adds interest to the remaining balance, deducts your payment, and records the new balance. The process continues until the balance reaches zero, with the final payment automatically reduced to the exact amount still owed.
The balance curve shows the characteristic shape of loan payoff: slow at the start (most of each payment goes to interest) then falling steeply near the end as the principal becomes small and interest takes only a tiny share. Increasing the monthly payment even modestly moves that bend dramatically to the left — saving months of payments and hundreds or thousands in interest.
A critical constraint: if your monthly payment M does not exceed P × r (the interest accruing that month), the balance grows rather than shrinks and the debt is never paid off. The calculator shows a warning in that case and you should increase the payment.
Frequently asked questions
On a $5,000 balance at 20% APR, paying $200/month clears the debt in ~35 months with ~$1,700 in interest. Raising to $250/month clears it in ~26 months with ~$1,200 in interest — saving $500 and 9 months for just $50 more per month. The savings from extra payment are non-linear and increase with balance and APR.
A missed payment typically triggers a late fee and can trigger a penalty APR (up to ~30%) that dramatically increases the interest burden. Even without penalties, the unpaid interest is added to the balance. This calculator assumes consistent on-time payments every month.
Mathematically, pay the highest-APR card first (the avalanche method) to minimise total interest. Alternatively, paying the smallest balance first (the snowball method) gives quicker wins and motivation. Run this calculator on each card separately to compare the interest savings from different strategies.
Also known as
TG we-Calculate Editorial Team. (2026). Credit Card Payoff Calculator — Time & Total Cost to Pay Off [Online calculator]. TG we-Calculate. https://we-calculate.com/calculator/credit-card-payoff-calculator
TG we-Calculate Editorial Team. "Credit Card Payoff Calculator — Time & Total Cost to Pay Off." TG we-Calculate. 2026. https://we-calculate.com/calculator/credit-card-payoff-calculator.
TG we-Calculate Editorial Team, "Credit Card Payoff Calculator — Time & Total Cost to Pay Off," TG we-Calculate, 2026. [Online]. Available: https://we-calculate.com/calculator/credit-card-payoff-calculator
@misc{wecalculate_credit_card_payoff_calculator, title = {Credit Card Payoff Calculator — Time & Total Cost to Pay Off}, author = {{TG we-Calculate Editorial Team}}, howpublished = {\url{https://we-calculate.com/calculator/credit-card-payoff-calculator}}, year = {2026}, note = {TG we-Calculate} }
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