Credit card debt clears slowly because much of a minimum payment covers interest rather than the balance itself. This calculator shows exactly how slowly, month by month.
Enter the balance and the APR. Leave the payment field empty to use a typical 2% minimum payment, or type in the amount you actually pay — and add an optional extra to see how much faster the balance disappears.
The result is the number of months to clear the card, the total interest you will pay, the overall amount paid, and an approximate payoff date. If the payment is too small to cover the monthly interest, the calculator says so instead of returning a misleading number.
For informational purposes only — not financial advice.
How to use
- Enter the current card balance.
- Enter the APR from your statement — many cards sit in the 20% to 30% range.
- Enter your monthly payment, or leave it empty to use a 2% minimum.
- Add an extra monthly amount if you want to see the payoff accelerate.
- Press Compute for the months to payoff, total interest and payoff date.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on the balance, the APR and the payment. A large balance at a typical APR paid at the minimum can take many years; raising the payment shortens the timeline sharply.
Why does paying only the minimum take so long?
Because the payment is small relative to the interest charge, so only a sliver of each payment reaches the balance. This calculator holds the payment constant, whereas real issuers usually reduce the minimum as the balance drops — which makes the true payoff slower still.
Does this calculator account for new spending?
No. It assumes you stop adding to the balance and pay the amount you entered each month. Any new charges will extend both the timeline and the total interest.
How is the monthly interest calculated?
The APR is divided by 12 to get a monthly rate, then applied to the remaining balance each month. Interest is added, the payment subtracted, and the loop repeats until the balance reaches zero.
What happens if my payment is smaller than the interest charge?
The balance would never go down, so the card could never be repaid. This calculator detects that case and tells you the payment needs to be higher instead of returning a misleading result.
Does the payoff date include this month?
No — it is today's date plus the number of months in the schedule, so it reflects when the balance would actually clear if you started paying this cycle.