What if my payment is too low?
If your monthly payment does not cover the monthly interest, the balance will never be paid off.
Finance
Credit Card Payoff Calculator
Enter your current balance, annual interest rate, and monthly payment to see your payoff timeline and total interest cost.
Live calculator output
Enter your balance, rate, and payment to see the payoff timeline.
How it works
Each month, interest accrues on the remaining balance at the monthly rate (annual rate ÷ 12). Your payment covers the interest first, and the remainder reduces the principal.
The payoff formula is: Months = −log(1 − Balance × MonthlyRate ÷ Payment) ÷ log(1 + MonthlyRate). If the payment does not exceed the monthly interest, the debt grows indefinitely and payoff is not possible.
Practical example
A 5,000 balance at 19.9% APR with 200/month payments: monthly interest is about 83. After 30 months you will have paid off the balance, paying approximately 930 in total interest.
Increasing the payment to 300 cuts it to 19 months and only 540 in interest — saving 390. Higher monthly payments have an outsized effect on both time and total cost.
Frequently asked questions
Does this include fees?
No. Only interest is modeled. Annual fees and late charges are not included.
Should I pay more than the minimum?
Yes. Paying more than the minimum significantly reduces total interest and payoff time.
Should I use the avalanche or snowball method?
Avalanche (pay highest-rate card first) saves the most interest. Snowball (pay smallest balance first) gives psychological wins. Both work � pick the one you will stick with.
Can I transfer my balance to a 0% card?
Balance transfer cards can save significant interest. Factor in the transfer fee (typically 3-5%) and pay off the balance before the promotional period ends.
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