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Credit Card Calculator

Find how long a credit card balance takes to pay off at a fixed monthly payment, or the payment needed to clear it in a chosen timeframe — with total interest, a principal-vs-interest split, and a payoff schedule.

Enter a monthly payment (or a typical issuer minimum) to see how long this card takes to clear.

ExampleSample values — edit any field to see your result.

$
%

Purchase APR on this card. Interest is compounded monthly at APR ÷ 12.

Issuers often set a minimum of interest plus 1% of the balance, or 2–5% of the balance, with a $15 floor.

$

Used when Payment is a custom amount. Typical minimums above replace this figure.

Results update as you type.

Time to pay off

5 years and 2 months

Estimated result

Monthly payment
$200.00
Total of payments
$12,308.61
Total interest
$4,308.61

Principal vs interest

Principal 65%, Interest 35%
  • Principal65%
  • Interest35%

Payoff schedule

PeriodInterestPrincipalBalance
Year 1$1,356.70$1,043.30$6,956.70
Year 2$1,152.62$1,247.38$5,709.32
Year 3$908.60$1,491.40$4,217.92
Year 4$616.86$1,783.14$2,434.78
Year 5$268.05$2,131.95$302.83
Year 6$6.15$302.83$0.00

Enter one credit card's balance and APR. Choose a monthly payment to see how long the card takes to clear, or pick a payoff date to see the payment that gets you there. Results include total interest, a principal-versus-interest split, and a month-by-month schedule. For several cards sharing one budget, use the Credit Card Payoff Calculator instead.

Formula

Each month, interest is added at the monthly rate, then the payment is applied. For a balance P, annual rate R (percent), and monthly payment M:

r = R / 12 / 100
n = −ln(1 − r × P / M) / ln(1 + r)
total interest = n × M − P
monthly payment for n months = P × r / (1 − (1 + r)^(−n))

n is the exact (often fractional) number of months. The headline payoff time rounds that up to a whole month; interest keeps the fractional last payment so the published totals match.

Typical issuer minimums on this page:

RulePayment
Interest + 1% of balanceP × r + 0.01 × P
2% / 3% / 4% / 5% of balancek% × P (interest is not added)
Floor$15, or the full balance if you owe less than $15

A payment that only covers interest — or less — never reduces principal. On an $8,000 balance at 18%, the first month's interest is $120, so the monthly amount has to be larger than that.

One card vs several cards

You haveUse
One statement balance and a monthly amount (or a target date)This calculator
Several cards and one monthly budgetCredit Card Payoff Calculator
Cards plus auto / student / other debtsDebt Payoff Calculator

Examples

$8,000 at 18% · $200 a month

The default card takes 5 years and 2 months to clear if you pay $200 every month and stop charging it. Total payments are about $12,308.61, of which $4,308.61 is interest — more than half a year of extra payments just to cover interest. $200 happens to equal interest + 1% of this balance, a common minimum-payment rule.

Same card · pay it off in 2 years

To finish in 24 months you need about $399.39 a month. Interest drops to about $1,585.43 — roughly $2,700 less than the $200 plan — because the balance spends less time compounding.

Same card · 2% of the balance

A flat 2% minimum on $8,000 is $160 a month. That stretches the payoff to 7 years and 10 months and about $6,897.77 of interest. Paying only the typical minimum is how revolving balances linger.

Frequently asked questions

How is credit card payoff time calculated?
Interest compounds monthly at APR ÷ 12 on the remaining balance. For a fixed payment, the number of months is n = −ln(1 − r × balance / payment) ÷ ln(1 + r). The page shows that as whole months (5 years and 2 months for the default example). Total interest uses the same n, including the fractional last month: n × payment − balance. The payment must be larger than the first month's interest, or the balance never falls.
What is a typical credit card minimum payment?
Many issuers ask for interest plus 1% of the balance, or a flat 2–5% of the balance, with a floor around $15 (or the full balance if you owe less than $15). Paying only that minimum is usually a slow, expensive way to clear a revolving card. The Amount tab can apply those rules from your current balance and APR, or you can type any custom monthly amount.
How is the payment for a chosen payoff date calculated?
The Timeframe tab uses the standard amortizing-loan payment: for n months and monthly rate r, payment = balance × r ÷ (1 − (1 + r)^−n). That is the level amount that drives the balance to zero in exactly that many months, assuming the APR stays the same and you stop charging the card.
Is this the same as the Credit Card Payoff Calculator?
No. This page plans one card: a fixed monthly payment or a target payoff date. The Credit Card Payoff Calculator plans several cards at once with the debt avalanche method (pay every minimum, send extra to the highest APR). Use this one for a single statement balance; use payoff when you have a monthly budget split across cards.
Do issuers really charge APR divided by 12?
Statements usually use average daily balance × a daily periodic rate (APR ÷ 365) × days in the cycle. This calculator uses monthly compounding at APR ÷ 12, which is the planning model behind the payoff math and is very close when you make one payment per cycle and add no new charges. Changing rates, fees, or new purchases will move the real payoff.

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