Credit Card Payoff Calculator

See how long it takes to pay off your credit card. Compare minimum payments vs extra payments to save thousands in interest.

By Konstantin Iakovlev · Updated September 2026 · Source: CFPB — Consumer Tools

$
%
Minimum Payment
$
$

Months to Payoff

52

Total Interest

$2,798.05

Payoff Date

Feb 2031

Minimum Payments Only

Months to Payoff52
Total Interest Paid$2,798.05
Total Amount Paid$7,798.05

Use the Credit Card Payoff Calculator above to calculate your results. Enter your values and see instant results — all calculations run in your browser.

Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.

How It Works

Paying down a credit card balance comes down to a race between your monthly payment and the interest the card charges. Map out that race and the difference between sending the minimum and sending a bit more becomes obvious: small extra payments, applied month after month, can shave thousands of dollars in interest off the total cost of the debt. Seeing the full payoff timeline laid out is what makes high-interest balances feel manageable rather than open-ended.

The projection here runs on a standard amortization formula. Your current balance, annual interest rate, and monthly payment feed into a month-by-month split of each payment into principal and interest, and the remaining balance is recalculated after every cycle until it reaches zero. To keep the payoff date clear and consistent, the math assumes a fixed interest rate and no new purchases on the card during the repayment period.

Sending only the minimum is what keeps so many balances alive for years, because almost all of it goes to interest rather than principal. Watch for introductory APRs that expire and for late fees, neither of which is built into these figures. Treat the result as an estimate: a bank's own payment-allocation rules and any added charges can move your actual payoff date in either direction.

Example: Accelerating a $5,000 Credit Card Debt

  1. 1 Input: a $5,000 balance at 18% APR, a fixed minimum payment of $100 (the $ Amount option), and $50 in the Extra Monthly Payment field.
  2. 2 Month one: interest is $5,000 × 18% / 12 = $75. Of a $100 payment only $25 reduces the balance; at $150 the balance drops by $75, three times as much.
  3. 3 At $100 a month the card is paid off in 94 months (7 years 10 months) with $4,311.18 in interest. At $150 it takes 47 months with $1,983.60 in interest.
  4. 4 The extra $50 a month halves the payoff time, saving 47 months and $2,327.58 in interest. The figures assume a fixed 18% rate and no new purchases on the card.

Source: CFPB — Consumer Tools · Last updated: September 2026

Frequently Asked Questions

How long does it take to pay off a credit card with minimum payments?
It depends on how your card sets the minimum. With a minimum of 3% of the balance (never less than $25, as this calculator models it), a $5,000 balance at 24% APR takes 234 months, about 19.5 years, and costs $8,886.95 in interest. At a 2% minimum the payment only covers the 2% monthly interest, so the balance never goes down. Even small increases above the minimum dramatically reduce payoff time.
How much should I pay above the minimum on my credit card?
Pay as much as you can afford. Even doubling the minimum payment can cut your payoff time in half and save thousands in interest. A fixed monthly payment (not the declining minimum) is far more effective.
Does paying off a credit card in full every month help my credit score?
Yes. Paying the full statement balance each month keeps your utilization low, avoids interest charges, and builds a positive payment history, all of which boost your credit score.

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