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Money calculators · Updated September 3, 2026

Credit Card Payoff Calculator

See how many months a balance takes to clear at your payment, what the interest adds up to, and the payment that hits a date you choose.

Credit card payoff calculator

Time to pay off at your payment3 years 2 monthstotal interest $2,957.47, total paid $9,457.47
To finish in 12 months, pay
$617.76
Interest on that plan
$913.07
Interest-only payment
$135.36

A payment below the interest-only amount never reduces the balance. The calculator assumes no new charges and a fixed APR.

How the payoff is calculated

each month:  interest  = balance × APR ÷ 12
             principal = payment − interest
             balance   = balance − principal          (repeat until balance = 0)
payment for a target:  balance × r ÷ (1 − (1 + r)^−months),  r = APR ÷ 12

The month-by-month simulation matches how a fixed payment behaves on a statement; the target-date payment uses the standard amortization formula. Issuers compute interest daily, so real totals differ by a few dollars.

Frequently asked questions

How is credit card interest calculated?

Card issuers charge interest daily at APR ÷ 365 on the balance; over a month that is close to APR ÷ 12 × balance. At 24.99% APR a $6,500 balance costs about $135 in interest in the first month, so a $250 payment reduces the principal by only $115.

How long will it take to pay off $6,500 at $250 a month?

3 years 2 months at 24.99% APR, with about $2,957.47 in interest. Raising the payment shortens the term more than proportionally because less interest accrues.

What if I only make the minimum payment?

Minimums are typically 1% to 3% of the balance plus interest, so they shrink as the balance falls and stretch payoff over many years. Card statements must show a minimum-payment warning under the Credit CARD Act; a fixed payment that does not fall with the balance pays off far sooner.

Should I pay off the highest APR or the smallest balance first?

Paying the highest APR first (the avalanche method) minimizes total interest. Paying the smallest balance first (the snowball) gives faster wins. Either beats paying minimums across all cards.

Would a balance transfer help?

A 0% introductory APR card typically charges a 3% to 5% transfer fee. Run the calculator at 0% with the fee added to the balance to compare against your current card.

Sources and updates

Figures are for tax year 2026 and were checked against the sources below on . Rates change every January; we review every data file at the start of each year and whenever a state announces a mid-year change.

This calculator gives estimates for information only and is not tax, legal or financial advice. Your employer's payroll system, local taxes, benefits and year-to-date wages can change the exact amounts on your pay stub. See how we calculate.