Find the monthly payment needed to pay off a credit card by your target date and compare payoff goals.
Compare payoff goals
| Pay off in | Monthly payment | Total interest | Total paid |
|---|---|---|---|
| 6 months | $1,423.79 | $542.75 | $8,542.75 |
| 12 months | $752.22 | $1,026.69 | $9,026.69 |
| 18 months | $529.33 | $1,527.86 | $9,527.86 |
| 24 months | $418.59 | $2,046.15 | $10,046.15 |
| 36 months | $309.26 | $3,133.39 | $11,133.39 |
| 48 months | $255.97 | $4,286.74 | $12,286.74 |
| 60 months | $225.06 | $5,503.86 | $13,503.86 |
Please do not make financial decisions based on these results.
What is the Credit Cards Payoff Calculator?
This calculator finds the monthly payment needed to pay off a credit card by your target date and compares several payoff goals side by side.
Why minimum payments take so long
Credit card interest is charged on the unpaid balance, and the minimum payment is often only slightly above the interest. That leaves very little going to principal, so a balance can take many years to clear and cost far more than the original purchases.
Choosing a payoff target
Instead of asking how long a payment will take, you can start from a target date. Enter the balance, the rate and the months you want, and the calculator shows the monthly payment needed, plus the total interest you would pay. Raising the payment even modestly can shorten the payoff by years.
- Interest rate (APR). Use the rate on your statement; it may be higher than you remember.
- No new charges. The projection assumes you stop adding to the balance.
Handling more than one balance
If you owe on several cards or loans, the debt payoff calculator compares the avalanche and snowball strategies. To see how long a given payment takes, use the credit card calculator, and to merge balances into a single loan, test the debt consolidation calculator.
How to use the Credit Cards Payoff Calculator
- Fill in the fields. You will need Card balance ($), APR (% per year), I want to pay it off in: years. Take the rate and term from your loan offer. Fees and the rate type change the result. Fields marked optional can stay at zero.
- Read the result. The highlighted box gives the Monthly payment to be free in 2 yrs, and the cards below show Total interest, Total you pay, Monthly interest today. Tables and charts break it down further.
- Test other scenarios. Results update as you type. Change one value at a time to see what drives the answer, and press Reset to go back to the defaults.
Formula and how it works
Example with real numbers
Here is the Credit Cards Payoff Calculator using the default values shown in the calculator above:
Inputs
| Card balance ($) | 8,000 |
|---|---|
| APR (% per year) | 22.9 |
| I want to pay it off in: years | 2 |
Results
| Monthly payment to be free in 2 yrs | $418.59 |
|---|---|
| Total interest | $2,046.15 |
| Total you pay | $10,046.15 |
| Monthly interest today | $152.67 |
With these inputs the calculator returns Monthly payment to be free in 2 yrs: $418.59. Change any value in the calculator to see how the result moves.
What the results tell you
The results panel of the Credit Cards Payoff Calculator reports Monthly payment to be free in 2 yrs, total interest, total you pay and monthly interest today. Compare these figures while changing one input at a time, and use the related calculators below to look at the same situation from another angle.
Tips for better results
Method and limits. This calculator applies the formula in the section above to your inputs, in your browser; nothing you enter is stored on our servers. Your lender’s offer is the final word: fees, rate type and rounding differ between lenders. It is for information, not financial, tax or legal advice.
Frequently asked questions
What if I cannot pay that much?
Enter the payment you can afford and the tool shows the payoff time.
What is the fastest way to pay off a credit card?
Pay as much as you can above the minimum, and consider a lower-rate balance transfer or consolidation loan if the fees are small.
Can I enter the term in years and months?
Yes. Enter years and months together, for example 6 years and 2 months.
How can I pay off a loan faster?
Pay more than the required amount, add extra yearly or one-time payments, or switch to biweekly payments. Make sure extra payments go to principal.
Are the results guaranteed?
No. Results depend entirely on the numbers you enter and the formulas shown on this page. Please do not make financial decisions based on them alone; confirm important figures with a licensed professional.
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