Clear Credit Card Payoff Calculator
See exactly how long your credit card balance will take to pay off, how much interest you'll pay, and what happens if you bump up your payment.
| Debt-free date | — |
| Total interest paid | $0 |
| Total paid | $0 |
How it works
Each month, interest accrues on the balance (APR ÷ 12), then your payment is applied. Payoff time uses the amortization formula: n = −ln(1 − r·B / p) / ln(1 + r), where B is the balance, r the monthly rate, and p the payment. Total interest is simulated month by month for exactness.
Formula & worked example
Formula: Months to clear = −ln(1 − rB ÷ p) ÷ ln(1 + r), where B is the balance, r the monthly rate (APR ÷ 12) and p your monthly payment. Interest is simulated month by month for the totals.
Worked example: A $5,000 balance at 22% APR paid at $150/month is gone in 52 months, costing about $2,798 in interest — more than half the original balance.
When to use this
- A statement balance and a fixed monthly amount — you want the debt-free date and the interest bill.
- You are choosing between paying more per month or a balance-transfer offer.
- Minimum payments feel endless and you want to see the fixed-payment difference.
- You are setting the autopay amount for a card you have stopped using.
How to use it, step by step
- Enter the balance and the card's APR.
- Set the monthly payment you will actually make.
- Add any extra you can commit on top.
- Read months to clear and total interest.
- If the interest figure shocks you, raise the payment until it stops — that is the plan.
What the inputs mean
| Input | What it is | Typical values |
|---|---|---|
| Balance | What you owe today | Use the statement balance |
| APR | The card's purchase rate | Store cards 25–32%; bank cards 18–28% |
| Monthly payment | Fixed amount, not the minimum | Must exceed monthly interest to work |
| Extra per month | On top of the base payment | Every $25–$50 is months off |
Another worked example
A $7,500 balance at 22% APR paid at $250 a month takes 44 months and $3,488.35 of interest. Add $50 — $300 a month — and it clears in 34 months with $2,624.82 of interest: ten months sooner and $863.53 cheaper, from a change most budgets can find.
Frequently asked questions
Why does the minimum payment take forever?
Minimums are often 1–2% of the balance, so most of your payment goes to interest. Paying even a fixed amount above the minimum cuts years off.
What if my payment doesn't cover the interest?
Then the balance grows and you never pay it off — the calculator will warn you. You must pay more than the monthly interest charge (balance × APR ÷ 12) to make progress.
Should I pay extra or save?
At 20%+ APR, extra card payments beat almost any investment return. Kill high-rate balances before investing beyond an emergency fund.
Why do minimum payments take so long?
Minimums are usually interest plus ~1% of the balance, so they shrink as the balance shrinks — a treadmill designed to keep the account alive. A fixed payment holds its size, so every month more of it hits principal; that one change is the whole trick.
💳 Ready to attack the balance?
Our debt payoff calculator models extra payments across multiple debts.