How is the time to pay off a credit card calculated?

Each month the interest is the remaining balance times APR ÷ 12, rounded to the cent. It is added to the balance and then your payment is subtracted. This repeats until the balance is zero. For a $5,000.00 balance at 24% APR with $200.00 paid every month, that takes 3 years (36 payments).

How do I find the monthly payment to be debt-free in a set number of months?

Use the standard fixed-payment formula M = B·r / (1 − (1+r)^−n), with r = APR ÷ 12 and n the number of months. For $5,000.00 at 24% APR over 36 months the payment is $196.16, with $2,061.97 in total interest. The final payment is adjusted by a few cents so the balance ends at exactly $0.00.

What if my payment is less than the monthly interest?

Then the balance never goes down. On $5,000.00 at 24% APR the first month’s interest is $100.00, so a payment of $100.00 or less leaves the balance the same or higher each month. The calculator shows a warning instead of a payoff time. Pay at least one cent more than the interest and the balance starts to fall, but very slowly.

What happens if I only pay the minimum?

It takes much longer and costs much more. Using a typical minimum (the larger of $25.00 or 1% of the balance plus the month’s interest), the example starts at $150.00 and takes 19 years 6 months (234 payments), with $8,886.94 in interest. A fixed $200.00 a month takes 3 years (36 payments) and $2,000.57. That is 7 times as long.

Is that how my card’s minimum payment is calculated?

Possibly not. Issuers use different formulas. Two are common: a flat percentage of the balance (often about 1% to 3%), or the month’s interest plus about 1% of the balance, each with a dollar floor that is often around $25 to $40. Your cardholder agreement states the exact formula, and some also add fees or past-due amounts. The calculator’s version is a typical illustration, not your issuer’s.

What is the minimum payment warning on my statement?

The Credit CARD Act of 2009 requires credit card statements to include a “Minimum Payment Warning”: how long it would take to pay off the balance if you make only minimum payments, and the total cost. Statements also show the monthly payment that would pay the balance off in 36 months and what that costs in total. The rules are in Regulation Z (12 CFR 1026.7), which the Consumer Financial Protection Bureau (CFPB) publishes. Your statement’s figures use your issuer’s exact method, so they can differ from this estimate.

Why can my statement differ from this calculator?

Most issuers charge interest daily: a daily periodic rate (APR ÷ 365) on each day’s balance, summed over the billing cycle (the average daily balance method). This calculator uses the simpler, widely published monthly approximation of APR ÷ 12 on the balance each month. The two usually agree within a few dollars over a payoff, but new purchases, payment timing, a grace period, fees and rate changes all move the real figure.

Does this include new purchases, fees or a changing APR?

No. It assumes a constant APR, no new charges, no annual or late fees, and a payment made every month. Stopping new purchases is what makes a payoff plan work. If your rate is variable, recalculate when it changes.

Is anything I type stored or sent?

No. The calculation runs in your browser and nothing you enter leaves your device.

Credit Card Payoff Calculator

A $5,000.00 balance at 24% APR with $200.00 paid every month is paid off in 3 years (36 payments), with $2,000.57 in total interest and $7,000.57 paid overall. Enter your balance and APR, then either a fixed monthly payment to see how many months it takes, or a number of months to see the payment that clears the card by then. Interest is estimated as APR ÷ 12 per month on the remaining balance, computed to the cent; real issuers apply a daily rate (APR ÷ 365) to your average daily balance, so a statement can differ slightly. If the payment does not cover the first month’s interest, the calculator warns that the balance never goes down, and it also shows what paying only a typical minimum (1% of the balance plus interest, or $25.00) would cost. This is an estimate for planning, not financial advice.

Updated 2026-10-16Runs in your browser: nothing you enter is uploadedHow this tool works

Debt-free in 3 years

$2,000.57 total interest, $7,000.57 paid in all.

Card balance: $5,000.00
APR: 24%
First month’s interest: $100.00
Monthly payment: $200.00
Time to pay off: 3 years (36 payments)
Total interest: $2,000.57
Total paid: $7,000.57
Final payment: $0.57

If you paid only the typical minimum

Illustration: the larger of $25 or 1% of the balance plus that month’s interest. Your card’s formula may differ.

First minimum payment: $150.00
Time at minimum only: 19 years 6 months (234 payments)
Total interest at minimum only: $8,886.94
Total paid at minimum only: $13,886.94
Interest saved by your plan: $6,886.37
Months saved by your plan: 198

An estimate for planning, not financial advice. Interest is estimated as APR ÷ 12 a month; your issuer uses daily rates, so statements can differ slightly.

Payoff schedule

Yearly totals. Open the monthly view for every payment (at most 600).

Year	Payments	Principal	Interest	End balance
1	$2,400.00	$1,341.22	$1,058.78	$3,658.78
2	$2,400.00	$1,700.97	$699.03	$1,957.81
3	$2,200.57	$1,957.81	$242.76	$0.00

Monthly view

Month	Payment	Principal	Interest	Balance
1	$200.00	$100.00	$100.00	$4,900.00
2	$200.00	$102.00	$98.00	$4,798.00
3	$200.00	$104.04	$95.96	$4,693.96
4	$200.00	$106.12	$93.88	$4,587.84
5	$200.00	$108.24	$91.76	$4,479.60
6	$200.00	$110.41	$89.59	$4,369.19
7	$200.00	$112.62	$87.38	$4,256.57
8	$200.00	$114.87	$85.13	$4,141.70
9	$200.00	$117.17	$82.83	$4,024.53
10	$200.00	$119.51	$80.49	$3,905.02
11	$200.00	$121.90	$78.10	$3,783.12
12	$200.00	$124.34	$75.66	$3,658.78
13	$200.00	$126.82	$73.18	$3,531.96
14	$200.00	$129.36	$70.64	$3,402.60
15	$200.00	$131.95	$68.05	$3,270.65
16	$200.00	$134.59	$65.41	$3,136.06
17	$200.00	$137.28	$62.72	$2,998.78
18	$200.00	$140.02	$59.98	$2,858.76
19	$200.00	$142.82	$57.18	$2,715.94
20	$200.00	$145.68	$54.32	$2,570.26
21	$200.00	$148.59	$51.41	$2,421.67
22	$200.00	$151.57	$48.43	$2,270.10
23	$200.00	$154.60	$45.40	$2,115.50
24	$200.00	$157.69	$42.31	$1,957.81
25	$200.00	$160.84	$39.16	$1,796.97
26	$200.00	$164.06	$35.94	$1,632.91
27	$200.00	$167.34	$32.66	$1,465.57
28	$200.00	$170.69	$29.31	$1,294.88
29	$200.00	$174.10	$25.90	$1,120.78
30	$200.00	$177.58	$22.42	$943.20
31	$200.00	$181.14	$18.86	$762.06
32	$200.00	$184.76	$15.24	$577.30
33	$200.00	$188.45	$11.55	$388.85
34	$200.00	$192.22	$7.78	$196.63
35	$200.00	$196.07	$3.93	$0.56
36	$0.57	$0.56	$0.01	$0.00

Minimum-payment-only path, by year

Year	Payments	Principal	Interest	End balance
1	$1,704.23	$568.08	$1,136.15	$4,431.92
2	$1,510.61	$503.55	$1,007.06	$3,928.37
3	$1,338.96	$446.33	$892.63	$3,482.04
4	$1,186.84	$395.61	$791.23	$3,086.43
5	$1,052.02	$350.67	$701.35	$2,735.76
6	$932.47	$310.82	$621.65	$2,424.94
7	$826.51	$275.51	$551.00	$2,149.43
8	$732.62	$244.21	$488.41	$1,905.22
9	$649.38	$216.46	$432.92	$1,688.76
10	$575.61	$191.87	$383.74	$1,496.89
11	$510.21	$170.06	$340.15	$1,326.83
12	$452.25	$150.75	$301.50	$1,176.08
13	$400.84	$133.61	$267.23	$1,042.47
14	$355.32	$118.43	$236.89	$924.04
15	$315.14	$105.18	$209.96	$818.86
16	$300.00	$115.63	$184.37	$703.23
17	$300.00	$146.66	$153.34	$556.57
18	$300.00	$186.01	$113.99	$370.56
19	$300.00	$235.91	$64.09	$134.65
20	$143.93	$134.65	$9.28	$0.00

Months to pay off $5,000.00 at 24% APR, by monthly payment

Each row is a fixed monthly payment. Interest is APR ÷ 12 on the remaining balance. The first month’s interest is $100.00, so a payment of $100.00 or less never pays it off.
Monthly payment	Time to pay off	Total interest	Total paid
$125.00	6 years 10 months (82 payments)	$5,159.38	$10,159.38
$150.00	4 years 8 months (56 payments)	$3,322.17	$8,322.17
$200.00	3 years (36 payments)	$2,000.57	$7,000.57
$300.00	1 year 9 months (21 payments)	$1,143.33	$6,143.33
$500.00	1 year (12 payments)	$635.18	$5,635.18

Payment needed to clear $5,000.00 at 24% APR, by target

Each row is the level monthly payment that pays the card off in that many months (the final payment is adjusted to the cent).
Debt-free in	Monthly payment	Total interest	Total paid
1 year	$472.80	$673.58	$5,673.58
2 years	$264.36	$1,344.48	$6,344.48
3 years	$196.16	$2,061.97	$7,061.97
4 years	$163.01	$2,824.44	$7,824.44
5 years	$143.84	$3,630.38	$8,630.38

Fixed payment versus typical minimum only

$5,000.00 at 24% APR. The minimum is the larger of $25.00 or 1% of the balance plus that month’s interest: a typical formula, not any one issuer’s.
Measure	$200.00 a month	Typical minimum only
First payment	$200.00	$150.00
Time to pay off	3 years (36 payments)	19 years 6 months (234 payments)
Total interest	$2,000.57	$8,886.94
Total paid	$7,000.57	$13,886.94

How to calculate your credit card payoff time or the payment you need

Choose what to find out. Pick “How long will it take at a fixed payment?” to get a payoff time, or “What payment clears it in a set number of months?” to get the payment.
Enter the balance. Type what you owe now. The example is $5,000.00. Use the statement balance, or the current balance if you are not adding new charges.
Enter the APR. Use the purchase APR from your statement, such as 24. A rate of 0 is allowed for a promotional period.
Enter a payment or a target. For a payoff time, enter the amount you will pay every month ($200.00 in the example). For a payment, enter the number of months, up to 600.
Read the result. The example takes 3 years (36 payments) and costs $2,000.57 in interest. If the payment is too small to cover the first month’s interest, a warning explains it.
Compare with the minimum. The comparison shows the same card paid at a typical minimum: 19 years 6 months (234 payments) and $8,886.94 in interest in the example.

Frequently asked questions

How is the time to pay off a credit card calculated?: Each month the interest is the remaining balance times APR ÷ 12, rounded to the cent. It is added to the balance and then your payment is subtracted. This repeats until the balance is zero. For a $5,000.00 balance at 24% APR with $200.00 paid every month, that takes 3 years (36 payments).
How do I find the monthly payment to be debt-free in a set number of months?: Use the standard fixed-payment formula M = B·r / (1 − (1+r)^−n), with r = APR ÷ 12 and n the number of months. For $5,000.00 at 24% APR over 36 months the payment is $196.16, with $2,061.97 in total interest. The final payment is adjusted by a few cents so the balance ends at exactly $0.00.
What if my payment is less than the monthly interest?: Then the balance never goes down. On $5,000.00 at 24% APR the first month’s interest is $100.00, so a payment of $100.00 or less leaves the balance the same or higher each month. The calculator shows a warning instead of a payoff time. Pay at least one cent more than the interest and the balance starts to fall, but very slowly.
What happens if I only pay the minimum?: It takes much longer and costs much more. Using a typical minimum (the larger of $25.00 or 1% of the balance plus the month’s interest), the example starts at $150.00 and takes 19 years 6 months (234 payments), with $8,886.94 in interest. A fixed $200.00 a month takes 3 years (36 payments) and $2,000.57. That is 7 times as long.
Is that how my card’s minimum payment is calculated?: Possibly not. Issuers use different formulas. Two are common: a flat percentage of the balance (often about 1% to 3%), or the month’s interest plus about 1% of the balance, each with a dollar floor that is often around $25 to $40. Your cardholder agreement states the exact formula, and some also add fees or past-due amounts. The calculator’s version is a typical illustration, not your issuer’s.
What is the minimum payment warning on my statement?: The Credit CARD Act of 2009 requires credit card statements to include a “Minimum Payment Warning”: how long it would take to pay off the balance if you make only minimum payments, and the total cost. Statements also show the monthly payment that would pay the balance off in 36 months and what that costs in total. The rules are in Regulation Z (12 CFR 1026.7), which the Consumer Financial Protection Bureau (CFPB) publishes. Your statement’s figures use your issuer’s exact method, so they can differ from this estimate.
Why can my statement differ from this calculator?: Most issuers charge interest daily: a daily periodic rate (APR ÷ 365) on each day’s balance, summed over the billing cycle (the average daily balance method). This calculator uses the simpler, widely published monthly approximation of APR ÷ 12 on the balance each month. The two usually agree within a few dollars over a payoff, but new purchases, payment timing, a grace period, fees and rate changes all move the real figure.
Does this include new purchases, fees or a changing APR?: No. It assumes a constant APR, no new charges, no annual or late fees, and a payment made every month. Stopping new purchases is what makes a payoff plan work. If your rate is variable, recalculate when it changes.
Is anything I type stored or sent?: No. The calculation runs in your browser and nothing you enter leaves your device.

How it works

Each month the interest is the remaining balance times APR ÷ 12, as an exact fraction, rounded half up to the cent. The interest is added to the balance, the payment is subtracted, and the next month starts from what is left. The final payment is the remaining balance plus its interest, so the balance ends at exactly zero. For a fixed payment the schedule comes from the same exact engine as the loan calculator; if the payment does not exceed the first month’s interest it is flagged as never paying off, and a payoff beyond 600 months (50 years) is flagged as too long to show. For a target number of months the payment is M = B·r / (1 − (1+r)^−n), computed with exact integer arithmetic and rounded to the cent once; at 0% it is B ÷ n. The minimum-payment path pays, each month, the larger of $25.00 or 1% of the balance plus that month’s interest (never more than is owed) until the card is paid off or 600 months pass. Real issuers apply a daily periodic rate (APR ÷ 365) to the average daily balance of each billing cycle, and their minimum formulas differ; the APR ÷ 12 model is the simple, commonly published approximation, so treat the results as estimates. They assume a constant APR, no new charges or fees and on-time monthly payments. This is for planning and not financial advice. Everything runs in your browser and nothing you type is sent anywhere.

Sources

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