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Debt

Credit Card Payoff Calculator

See how long until you're debt-free and how much interest you'll pay.

Updated June 2026 · Editorial standards

Your details

$
%
$

Minimum $84 to cover interest

Time to pay off
2 years and 9 months
Total paid
$6,522
Total interest
$1,522

Paying $200/month clears this card in 2 years and 9 months, costing $1,522 in interest — 23% of everything you pay.Doubling to $400/month would save $868 in interest and pay it off 1 year and 6 months sooner.

Cumulative payments over time

Balance vs interest paid

Payoff health

QuickSevere
Manageable23% interest

Interest as a share of total payments. Below 20% is healthy; above 45% means most of your payment is going to the lender.

Monthly payoff schedule

MonthPaymentPrincipalBalance
Month 1$200.00$116.67$4,883
Month 2$200.00$118.61$4,765
Month 3$200.00$120.59$4,644
Month 4$200.00$122.60$4,522
Month 5$200.00$124.64$4,397
Month 6$200.00$126.72$4,270
Month 7$200.00$128.83$4,141
Month 8$200.00$130.98$4,010
Month 9$200.00$133.16$3,877
Month 10$200.00$135.38$3,742
Month 11$200.00$137.64$3,604
Month 12$200.00$139.93$3,464
By the KalkWise Editorial Team Reviewed for accuracy Updated June 2026

What is the credit card payoff calculator?

In short

To pay off a credit card, your monthly payment must exceed the monthly interest (balance × APR ÷ 12). The higher your payment above that threshold, the faster the balance falls. Paying only the minimum on a high-APR balance can take decades; increasing the payment dramatically cuts both time and total interest.

This credit card payoff calculator shows how long it takes to clear your balance at a given monthly payment, and how much interest you'll pay — so you can see the impact of paying more each month.

How to use this calculator

  1. 1Enter your current balance.
  2. 2Set the card's APR.
  3. 3Enter your planned monthly payment.
  4. 4See the payoff time and total interest.
  5. 5Increase the payment to see how much faster you're debt-free.

The formula

N=−ln(1−rBM)ln(1+r)
This gives the number of months to clear the card. Your payment M must be larger than the monthly interest (r × B) or the balance never falls and N has no solution.
N
— Months to pay off
B
— Outstanding card balance
r
— Monthly rate (APR ÷ 12, decimal)
M
— Fixed monthly payment

KalkWise simulates each month until the balance reaches zero, which also handles the final partial payment exactly.

Worked example

The scenario

$5,000 balance at 20% APR, paying $200/month.

gives

The result

It takes about 2 years and 8 months to clear, with roughly $1,312 paid in interest.

Common use cases

  • Making a realistic debt-payoff plan
  • Seeing the cost of paying only the minimum
  • Comparing payoff speed at different payment levels
  • Motivating faster repayment of high-interest debt

Limitations & assumptions

  • Assumes no new purchases are added to the card.
  • Assumes a fixed APR and fixed monthly payment.
  • Does not model promotional 0% periods or balance-transfer fees.

Frequently asked questions

Minimum payments are usually 1–2% of the balance plus interest, so almost all goes to interest. $5,000 at 22% APR with $100/month minimum takes 79 months and costs $2,889 in interest. Paying $200/month cuts that to 31 months and $1,111 in interest — a saving of $1,778.

Disclaimer: KalkWise calculators are provided for general informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. Results are estimates based on the figures you enter and the assumptions described above. Actual outcomes will vary. Consult a qualified professional before making financial decisions.