Credit Card Payoff Calculator
Calculate how many months it will take to pay off your credit card balance with a fixed monthly payment.
How to use this tool
- Enter current balance, annual interest rate and monthly payment in the fields above.
- Results update instantly as you type — or click Calculate.
- Read your months to payoff and the full breakdown beneath it.
Find out exactly how long it will take to pay off your credit card and how much interest you'll pay in total.
⚠ This tool provides general estimates for education only and is not financial, tax or legal advice. Figures may not reflect your situation — verify with a qualified professional.
Formula
Monthly interest rate: r = Annual Rate ÷ 100 ÷ 12
Months to payoff (when r > 0): n = ⌈ −ln(1 − Balance × r ÷ Payment) ÷ ln(1 + r) ⌉
When r = 0: n = ⌈ Balance ÷ Payment ⌉
Total paid = Payment × n | Total interest = Total paid − Balance
How it works
This calculator uses the standard loan amortisation formula to determine the exact number of months needed to clear a credit card balance with a fixed monthly payment. For zero-interest balances the formula simplifies to ceiling(balance ÷ payment). If the monthly payment does not exceed the monthly interest charge the balance will never be repaid, and the calculator returns a sentinel value of 9,999 months. Results assume no further charges are added to the balance during the repayment period.
Worked example
- Balance = $1,200; Annual rate = 0%; Monthly payment = $100.
- Rate is 0, so: months = ⌈1,200 ÷ 100⌉ = 12.
- Total paid = $100 × 12 = $1,200.
- Total interest = $1,200 − $1,200 = $0.
Months to payoff: 12 | Total interest paid: $0.00 | Total amount paid: $1,200.00
Common mistakes to avoid
- Entering a monthly payment below the monthly interest charge, which means the balance never decreases -- the formula returns no valid payoff date.
- Using the minimum payment printed on the statement without realizing it decreases as the balance falls, so the fixed-payment formula will not match the card's actual minimum-payment schedule.
- Ignoring new charges added each month -- the calculator assumes no additional spending, so the payoff date lengthens with ongoing purchases.
Key terms
- Balance
- The current amount owed on the credit card before any new payments or charges.
- Annual interest rate (APR)
- The yearly interest rate charged on unpaid balances, divided by 12 to get the monthly rate.
- Monthly payment
- The fixed amount paid toward the balance each month. Must exceed the monthly interest charge to make progress.
- Amortisation
- The process of gradually paying off a debt through regular fixed payments that cover both interest and principal.
- Total interest paid
- The difference between the total amount paid and the original balance — the true cost of carrying debt over time.
Frequently asked questions
- How is credit card payoff time calculated?
- Using the amortization formula: months = -log(1 - balance * monthly_rate / payment) / log(1 + monthly_rate). Each month, interest accrues on the remaining balance, and your payment reduces it.
- What if my payment is less than the monthly interest?
- If your payment is less than or equal to the monthly interest charge, your balance will never decrease. You must pay more than the monthly interest to make progress.
- How can I pay off my card faster?
- Increase your monthly payment, make extra lump-sum payments, or transfer the balance to a lower-rate card. Even small increases in your monthly payment can cut months off your payoff timeline.