Credit Card Payoff Calculator

Free · no sign-up · reviewed September 2026

Credit card debt is expensive because interest compounds every month on what's left. This calculator shows exactly how long it'll take to be debt-free, and the eye-opening total interest cost.

Slide your payment up by even a little and watch the payoff line drop toward zero faster. Switch to "Minimum only" to see what paying just the minimum really costs.

Drag to adjust

Your numbers

Card balance

Interest rate (APR)

Starts at 22.15%, the average rate banks charge on cards carrying a balance (Federal Reserve G.19, May 1, 2026). Your statement shows your own APR — type it over this.

How will you pay it?

Monthly payment

Starts at the payment that clears the balance in 3 years at the rate above — the same 3-year payoff figure Regulation Z makes your card print on every statement — and follows the balance until you type a payment of your own.

Debt-free in

2 yr 8 mo

Paying $250/mo on a $6,000 balance

💡 You'll pay $1,999 in interest along the way. Adding just $50/mo to your payment usually shaves months (and hundreds in interest) off this.

NowMo 16Mo 32

Balance remaining$0

Months to pay off: 32
Total interest paid: $1,999
Total you'll pay: $7,999

⚖️ Compare two ways to pay it off

Change one thing and see both payoffs side by side. Everything else stays exactly as you set it above.

What to change

How will you pay it? to compare

Credit Card Payoff Calculator: 💪 A fixed amount compared with 🐌 Minimum only
Figure	💪 A fixed amountYour numbers	🐌 Minimum onlyCompared	Difference
First payment	$250.00	$170.75	−$79.25
Paid off in	2 yr 8 mo	20 yr 9 mo	18 yr 1 mo later
Total interest	$1,999	$10,005	+$8,006
Total you'll pay	$7,999	$16,005	+$8,006

On "Minimum only" the payment shrinks every month as the balance falls, so the figure shown is the first month's — 1% of the balance plus that month's interest, floored at $25, which is a common card formula rather than your card's. A fixed payment that doesn't cover the first month's interest never clears the balance, and its column says "Never".

💳 Payoff schedule

What each year of payments does to the balance, and how much of it the card keeps as interest. Switch to Months to see the individual statements.

Year	You paid	Interest	Off the balance	Balance left
1	$3,000	$1,148	$1,852	$4,148
2	$3,000	$694	$2,306	$1,843
3	$1,999	$156	$1,843	$0
Total	$7,999	$1,999	$6,000	$0

In year 1 you pay $3,000 and the balance only falls by $1,852, because $1,148 of it goes to interest. Assumes you make no new purchases on the card, the APR never changes, and every payment lands on time.

Credit Card Payoff Calculator · Far Better Off

https://farbetteroff.com/calculators/credit-card-payoff-calculator

Open that link to get this calculator back with these exact numbers. Estimates for education only — Far Better Off is not a lender or a financial advisor, and these results are not financial advice.

📈 Track your payoff

Log your balance once a month and watch the line fall. Seeing real progress is what keeps people going. Everything stays on this device only.

The reminder button downloads a calendar event (works with Apple and Google Calendar) that nudges you once a month. No email, no account.

The 2-minute guide

The minimum payment is a trap

Minimum payments are designed to be just above the monthly interest, so the balance barely moves and you stay in debt for years. Paying any fixed amount above the minimum, and keeping it there even as the balance drops, is what actually gets you free.

Attack the highest rate first

If you have multiple cards, put extra money toward the one with the highest APR while paying minimums on the rest (the 'avalanche' method). It saves the most in interest. Some people prefer knocking out the smallest balance first for a motivation win. Both work; the best plan is the one you'll stick to.

A 0% balance transfer can buy time

Moving high-interest debt to a card with a 0% intro period means every dollar goes to the balance instead of interest, but watch for the transfer fee and the date the 0% ends. Have a plan to clear it before the regular rate kicks in.

Frequently asked questions

Why does paying only the minimum take so long?

Minimum payments are often set just above the monthly interest, so almost nothing goes toward the actual balance. And because the minimum shrinks as the balance shrinks, the payoff keeps slowing down. That's why a balance can linger for decades and cost more in interest than the original purchases.

How is a credit card minimum payment calculated?

It varies by card, but a common formula is 1% of the balance plus that month's interest and fees, with a floor of around $25 to $40. Others use a flat 2% to 3% of the balance. Your statement shows your card's exact minimum and, by law, how long paying only the minimum would take.

What's the fastest way to pay off a credit card?

Pay as much as you can above the minimum, and consider a 0% balance-transfer card or a lower-rate personal loan to stop the high interest. Even a small, consistent increase to your payment makes a big difference.

Does my APR really matter that much?

Yes. At 22%+ APR, a large chunk of each payment goes to interest instead of the balance. Lowering the rate, or paying it off faster, is the difference between months and years.

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