Credit card debt can feel overwhelming with APRs often exceeding 20%. This calculator shows exactly how long your debt will take to pay off at your current payment rate and how much interest you will accumulate. Use it to plan payoff strategies — even increasing your monthly payment by a small amount can save thousands in interest.
Payoff Time:
Total Interest:
How to Use This Tool
Enter your current credit card balance.
Enter the APR (annual percentage rate) of your card.
Enter how much you can pay each month.
Click Calculate to see your payoff timeline and total interest cost.
Try different monthly payment amounts to see how they affect your payoff date.
The Formula
The payoff timeline is calculated iteratively: each month, Interest = Balance x Monthly APR. New balance = Previous Balance + Interest - Payment. This repeats month by month until the balance reaches zero.
Why It Matters
You have an $8,000 credit card balance at 22.9% APR and can only afford $250/month minimum payments — it will take over 4 years and $3,800 in interest. What if you increased your payment to $350/month? This calculator shows you would save $1,100 in interest and pay off the card 10 months earlier.