Find out when your card will be paid off at the payment you choose, or what to pay to clear it by a set month. Then see what the minimum payment would really cost.
Estimates for planning, not financial, tax or legal advice. Figures use US rules unless the page says otherwise.
How the payoff is calculated
Each month, the calculator adds a month of interest to the balance, then takes off your payment, until the balance reaches zero.
Interest this month = balance × APR ÷ 12
New balance = balance + interest − payment
To pay off by a set month, it uses the loan payment formula, Payment = B × i ÷ (1 − (1 + i)−n), and rounds up to the next cent.
Worked example
A $5,000 balance at 22% APR costs about $91.67 in interest the first month (5,000 × 0.22 ÷ 12). Paying $200 a month clears it in 34 months (2 years 10 months), with $1,749.90 of interest. To be done in 24 months instead, you'd pay $259.40 a month.
The minimum-payment trap
Many cards set the minimum at the interest for the month plus 1% of the balance, with a floor of about $25 to $35. Because the minimum shrinks as the balance shrinks, the debt drags on. On the same $5,000 at 22%, the first minimum is $142.59, and paying only the minimum takes 18 years 11 months and costs $7,963.70 in interest. Your card's rule may differ, so set it under "Minimum payment rule". Federal rules require your statement to show how long paying the minimum would take.
Why your statement may differ a little
- Card issuers usually charge interest daily on your average daily balance, not once a month. That method, and months with 31 days, give slightly more interest than this estimate.
- New purchases, fees, and promotional or penalty rates aren't included. Stop using the card while you pay it down, or the plan won't hold.
- Cards with several balances at different APRs (a cash advance, a balance transfer) apply payments in set ways. Treat the result as an estimate.
Sources
How we checked this
Before every update, this calculator is run in a real browser with these known answers, and it must match all of them:
- $5,000 at 22% paying $200: 2 years 10 months ✓
- Same: $1,749.90 interest ✓
- Minimum only (1% + interest, $25 floor): 18 years 11 months ✓
- Paid off in 24 months: $259.40/month ✓
- $120/month on $5,000 at 22% is below the first minimum of $142.59 ✓
- …until the balance falls to about $4,235 ✓
- $50/month on $5,000 at 22% never pays off ✓
Last checked October 26, 2026. Spotted something wrong? The math is done in your browser with the formula shown on this page, so you can check any result by hand.
Questions people ask
How long will it take to pay off $5,000 on a credit card?
At 22% APR, about 34 months paying $200 a month, or 24 months paying $259.40. Paying only a 1%-plus-interest minimum takes almost 19 years.
How is credit card interest calculated?
Most cards use a daily rate (APR ÷ 365) on your average daily balance, charged each billing cycle. Dividing the APR by 12 each month, as this calculator does, is a close estimate.
What's the fastest way to pay off a credit card?
Pay as much over the minimum as you can and stop adding new charges. A 0% balance transfer can help if the transfer fee is less than the interest you'd save.
Why does paying the minimum take so long?
Most of each minimum payment goes to interest, and the minimum falls as the balance falls, so the principal shrinks very slowly.