Credit Card Payoff Calculator
See how long it takes to pay off a credit card balance and what the interest really costs.
How it works
n = log(m ÷ (m − P×r)) ÷ log(1 + r)
P is the balance, r the monthly rate (APR ÷ 12), m your fixed monthly payment. If the payment barely exceeds the monthly interest, the logarithm blows up — which is exactly what minimum payments are designed to do.
Worked example
A $6,000 balance at 24% APR with $200/month payments takes about 47 months and roughly $3,260 in interest. At $400/month it drops to 18 months and about $1,200 interest.
Frequently asked questions
Why do minimum payments take decades?
Minimums are typically ~2% of the balance — barely above the monthly interest at high APRs, so the balance shrinks glacially while interest compounds.
Should I use a balance transfer?
A 0% intro-APR transfer can save serious interest if you can clear the balance within the promo window and the transfer fee (3–5%) is less than the interest saved.
Avalanche or snowball?
Avalanche (highest APR first) minimizes interest mathematically; snowball (smallest balance first) wins psychologically. The best method is the one you stick with.
Related calculators
This is an educational estimate, not financial advice. Lenders use their own rounding, fees and credit terms — confirm exact figures with your lender or a licensed advisor.