How to use the credit card payoff calculator
- Enter your current card balance.
- Enter the card's APR (on your statement or in your card app).
- Enter the fixed monthly payment you can afford.
The result shows how many months it will take to reach zero and how much interest you'll pay. The "Pay it off faster" cards show the payment needed to clear the debt in 12, 24 or 36 months — click one to apply it.
Formula explained
Each month the calculator applies:
New balance = balance + (balance × APR ÷ 12) − payment
and repeats until the balance reaches zero. The payment needed to clear a balance in a fixed number of months uses the standard loan formula:
Payment = B × r ÷ [1 − (1 + r)−n], where r = APR ÷ 12 and n = number of months.
Worked example
A $6,000 balance at 22.9% APR with a fixed $250 payment takes about 33 months to repay and costs roughly $2,100 in interest. Raising the payment to about $564 clears it in 12 months and cuts interest to under $800.
Strategies to get out of credit card debt
- Stop adding new charges to the card you are paying down.
- Pay more than the minimum — automate a fixed amount each payday.
- Call your issuer and ask for a lower APR; it works more often than you'd expect.
- Consider consolidation with a lower-rate personal loan. Compare it with our loan calculator.
- Build a small emergency fund so surprises don't go back on the card. Our savings goal calculator can help.