Credit Card Payoff Calculator

Written byOleh Soloninupdated 25 September 2026

Currency

What to work out

Credit card balance

Credit card APR (%)

Fixed monthly payment

Model assumes the same fixed payment every month.

Result

Months to payoff

Total interest

$46,251.02

Total paid

$196,251.02

This result is informational only and is not professional advice.

Principal$150,000.00

Interest$46,251.02

Balance trend

Month 1$144,737.50

Month 5$122,343.18

Month 9$97,632.08

Month 13$70,364.51

Month 17$40,276.01

Month 21$7,074.74

Payoff plan

Period	Payment	Interest	Principal	Balance
1	$9,000.00	$3,737.50	$5,262.50	$144,737.50
2	$9,000.00	$3,606.38	$5,393.62	$139,343.88
3	$9,000.00	$3,471.98	$5,528.02	$133,815.86
4	$9,000.00	$3,334.25	$5,665.75	$128,150.11
5	$9,000.00	$3,193.07	$5,806.93	$122,343.18
6	$9,000.00	$3,048.38	$5,951.62	$116,391.56
7	$9,000.00	$2,900.09	$6,099.91	$110,291.65
8	$9,000.00	$2,748.10	$6,251.90	$104,039.75
9	$9,000.00	$2,592.32	$6,407.68	$97,632.08
10	$9,000.00	$2,432.67	$6,567.33	$91,064.74
11	$9,000.00	$2,269.03	$6,730.97	$84,333.77
12	$9,000.00	$2,101.32	$6,898.68	$77,435.09
13	$9,000.00	$1,929.42	$7,070.58	$70,364.51
14	$9,000.00	$1,753.25	$7,246.75	$63,117.76
15	$9,000.00	$1,572.68	$7,427.32	$55,690.45
16	$9,000.00	$1,387.62	$7,612.38	$48,078.07
17	$9,000.00	$1,197.95	$7,802.05	$40,276.01
18	$9,000.00	$1,003.54	$7,996.46	$32,279.56
19	$9,000.00	$804.30	$8,195.70	$24,083.86
20	$9,000.00	$600.09	$8,399.91	$15,683.95
21	$9,000.00	$390.79	$8,609.21	$7,074.74
22	$7,251.02	$176.28	$7,074.74	$0.00

Your payment, the minimum payment or a target date, and the interest it costs

Find out how long it takes to pay off a credit card and how much interest it costs: at your own payment, paying only the minimum, or the payment needed to clear the card by a target date.

A credit card balance grows with interest every month until the payment covers it with room to spare. This calculator answers three questions: how long your payment takes to clear the card, what happens if you only pay the minimum, and how much you need to pay to be debt-free by a chosen date.

Each answer shows the total interest and the total you pay. Interest is charged on the whole balance at the card's rate, as it is once any promotional or grace period is over.

How to use

Choose what to work out: payoff time at your payment, minimum payments, or the payment for a target date.
Enter the card balance and the interest rate.
For your own payment enter the monthly amount; for minimum payments, the percentage of the balance your card terms use; for a target, the number of months.
Compare the months, the interest and the payment across the options.

How a card balance is paid down

Each month interest of balance × rate ÷ 12 is added. The payment covers that interest first and the rest reduces the balance, so a payment smaller than the month's interest never clears the card.

With a fixed payment the number of months is n = −ln(1 − r × B ÷ P) ÷ ln(1 + r), where B is the balance, P the payment and r the monthly rate. The table uses the same balance and rate as the calculator's defaults.

Balance 150,000 at 29.9% a year, no new spending. Worked out with this calculator.
Monthly payment	Months to pay off	Total interest
5,000	56	129,620.53
7,000	32	67,134.09
9,000	22	46,251.02
12,000	16	31,975.30
15,000	12	24,700.75

Why minimum payments take so long

When the minimum is a percentage of the balance plus the month's interest, it shrinks as the balance shrinks. With 3% plus interest and no lower limit the balance never quite reaches zero, since each month takes only 3% of it; the calculator closes it once less than one unit is left, which for 150,000 at 29.9% takes 393 months. A floor on the minimum speeds this up a lot: with a minimum of at least 1,000 it takes 94 months, and with 3,000 it takes 58.

Check your card terms for the exact percentage and minimum amount, and enter them to see your own figures.

The payment to be debt-free by a date

To clear the card in a set number of months, the payment is an annuity: B × r ÷ (1 − (1 + r)^−n). For 150,000 at 29.9% that is 27,224.91 a month over 6 months, 14,615.69 over 12 months and 8,379.20 over 24 months, with interest of 13,349.44, 25,388.30 and 51,100.89.

The calculation assumes no new purchases. Every new purchase adds to the balance and the time it takes, so it helps to stop using the card while paying it down.

What this calculator shows

How many months it takes to clear the card and the interest paid
The first minimum payment and the payoff time on minimums only
The monthly payment needed to clear the card by a target
The total amount you pay

What to keep in mind

Interest is charged monthly at the rate ÷ 12 on the whole balance; promotional and grace periods are not modelled.
No new purchases or cash withdrawals are made and the rate stays the same.
A minimum payment is a percentage of the balance plus the month's interest, not less than the minimum amount entered; the last payment clears what is left.

FAQs

How long will it take to pay off my credit card?

Enter your balance, rate and monthly payment. A 150,000 balance at 29.9% paid at 9,000 a month takes 22 months and costs 46,251.02 in interest.

How is a minimum payment calculated?

Your card terms set the rule. Where it is a percentage of the balance plus the month's interest, with a minimum amount, the calculator can model it. For 150,000 at 29.9% with 3% it is 4,500 plus 3,737.50 of interest.

Why does paying the minimum take so long?

The minimum shrinks with the balance, and only 3% of what you owe is repaid each month: of the first payment of 8,237.50, interest takes 3,737.50 — close to half. With no lower limit, 150,000 at 29.9% falls below one unit after 392 payments, and the 393rd clears the rest.

How much should I pay to clear my card in a year?

For 150,000 at 29.9%, 14,615.69 a month, with 25,388.30 of interest. Choose the target option and enter your own balance and months.

What if I only pay the interest?

The balance stays the same. The calculator warns you if the payment does not exceed the month's interest.

Does the calculator include a 0% or grace period?

No. It charges interest on the whole balance at the rate you enter, which is what happens once a promotional or grace period has ended.

What is the fastest way to pay off a card?

Pay more than the minimum and stop adding new purchases. Each extra amount reduces the balance that interest is charged on.

Worked example

A 150,000 balance at 9,000 a month

Input: Balance 150,000; rate 29.9%; payment 9,000 a month

Output: 22 months; interest 46,251.02

Note: To clear it in 12 months you would pay 14,615.69 a month and 25,388.30 in interest.

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