Credit Card Payoff Calculator: Payoff Date, Interest & Payment Schedule
See how long it takes to clear a credit card balance at a fixed monthly payment, and how much of that money is pure interest.
Month-by-month payoff schedule
| Month | Payment | Interest | Principal | Balance | Cumulative interest |
|---|---|---|---|---|---|
| 1 | $200.00 | $87.50 | $112.50 | $4,887.50 | $87.50 |
| 2 | $200.00 | $85.53 | $114.47 | $4,773.03 | $173.03 |
| 3 | $200.00 | $83.53 | $116.47 | $4,656.56 | $256.56 |
| 4 | $200.00 | $81.49 | $118.51 | $4,538.05 | $338.05 |
| 5 | $200.00 | $79.42 | $120.58 | $4,417.46 | $417.46 |
| 6 | $200.00 | $77.31 | $122.69 | $4,294.77 | $494.77 |
| 7 | $200.00 | $75.16 | $124.84 | $4,169.93 | $569.93 |
| 8 | $200.00 | $72.97 | $127.03 | $4,042.90 | $642.90 |
| 9 | $200.00 | $70.75 | $129.25 | $3,913.65 | $713.65 |
| 10 | $200.00 | $68.49 | $131.51 | $3,782.14 | $782.14 |
| 11 | $200.00 | $66.19 | $133.81 | $3,648.33 | $848.33 |
| 12 | $200.00 | $63.85 | $136.15 | $3,512.18 | $912.18 |
| 13 | $200.00 | $61.46 | $138.54 | $3,373.64 | $973.64 |
| 14 | $200.00 | $59.04 | $140.96 | $3,232.68 | $1,032.68 |
| 15 | $200.00 | $56.57 | $143.43 | $3,089.25 | $1,089.25 |
| 16 | $200.00 | $54.06 | $145.94 | $2,943.31 | $1,143.31 |
| 17 | $200.00 | $51.51 | $148.49 | $2,794.82 | $1,194.82 |
| 18 | $200.00 | $48.91 | $151.09 | $2,643.73 | $1,243.73 |
| 19 | $200.00 | $46.27 | $153.73 | $2,489.99 | $1,289.99 |
| 20 | $200.00 | $43.57 | $156.43 | $2,333.57 | $1,333.57 |
| 21 | $200.00 | $40.84 | $159.16 | $2,174.41 | $1,374.41 |
| 22 | $200.00 | $38.05 | $161.95 | $2,012.46 | $1,412.46 |
| 23 | $200.00 | $35.22 | $164.78 | $1,847.68 | $1,447.68 |
| 24 | $200.00 | $32.33 | $167.67 | $1,680.01 | $1,480.01 |
| 25 | $200.00 | $29.40 | $170.60 | $1,509.41 | $1,509.41 |
| 26 | $200.00 | $26.41 | $173.59 | $1,335.83 | $1,535.83 |
| 27 | $200.00 | $23.38 | $176.62 | $1,159.20 | $1,559.20 |
| 28 | $200.00 | $20.29 | $179.71 | $979.49 | $1,579.49 |
| 29 | $200.00 | $17.14 | $182.86 | $796.63 | $1,596.63 |
| 30 | $200.00 | $13.94 | $186.06 | $610.57 | $1,610.57 |
| 31 | $200.00 | $10.68 | $189.32 | $421.26 | $1,621.26 |
| 32 | $200.00 | $7.37 | $192.63 | $228.63 | $1,628.63 |
| 33 | $200.00 | $4.00 | $196.00 | $32.63 | $1,632.63 |
| 34 | $33.20 | $0.57 | $32.63 | $0.00 | $1,633.20 |
Fixed monthly payment comparison ($10,000 balance, 22% APR)
Every row below is a fixed dollar payment held constant until the balance clears. A larger fixed payment shortens payoff and cuts interest sharply, because more of each payment lands on principal.
| Monthly payment | Payoff time | Total interest | Total cost |
|---|---|---|---|
| $200/mo fixed | 11 years 5 months | $17,356 | $27,356 |
| $300/mo fixed | 4 years 4 months | $5,596 | $15,596 |
| $400/mo fixed | 2 years 10 months | $3,500 | $13,500 |
| $500/mo fixed | 2 years 2 months | $2,571 | $12,571 |
| $1000/mo fixed | 1 year | $1,149 | $11,149 |
Fixed-payment model: monthly interest = balance × (22% ÷ 12), payment is constant. These are not minimum payments.
Minimum payment trap (declining minimum, same $10,000 / 22% APR)
A minimum payment is a percentage of the balance that shrinks every month as the balance falls — the opposite of a fixed payment. Using a common issuer rule, minimum = 1% of the balance + that month's interest, with a $25 floor:
| Payment rule | Payoff time | Total interest |
|---|---|---|
| Declining minimum minimum rule | 24 years 11 months | $17,266 |
| Same starting amount, held fixed fixed | 4 years 10 months | $6,257 |
The declining minimum starts near $283/month but falls as the balance drops, which is why it drags on for decades. Holding that same first amount as a fixed payment clears the card far sooner — that is the trap.
Verified examples
These cases are checked automatically against the calculator's own math (see the methodology note). Tolerance: $1 on interest/payments and 1 month on payoff time.
| Case | Input | Expected | Actual | Status |
|---|---|---|---|---|
| A | $5,000 at 21.5% APR, $200/month | 34 months, ~$1,691 interest | 34 months, $1,691 interest | ✓ Verified |
| B | $2,000 at 15% APR, $45/month | 66 months, ~$938 interest | 66 months, $938 interest | ✓ Verified |
| C | $1,000 at 24% APR, $20/month (= first-month interest) | Never pays off — payment does not cover interest | Never pays off (sentinel) | ✓ Verified |
| D | Target 18-month payoff: $5,500 at 21% APR | Required payment ≈ $358.85/month | ≈ $358.85/month | ✓ Verified |
How this calculator works
Enter the card balance, its APR, and the fixed amount you intend to pay every month. The calculator charges interest on the balance each month, subtracts your payment, and repeats until the balance reaches zero — counting the months and adding up the interest. It also warns you when a payment is too small to ever clear the debt.
The model is a standard monthly amortization: one interest charge per month at APR ÷ 12, the fixed payment applied, repeated until the balance reaches zero. It does not use daily compounding. Real issuers usually compute interest on the average daily balance over the statement cycle, so your statement may differ by a few dollars — treat this as a close, transparent estimate.
Included by default: the balance, a single constant APR, and a fixed monthly payment. Excluded by default: new purchases, late/annual fees, cash advances, promotional or penalty APR changes, and balance-transfer fees. Real-world issuer differences (advanced): average-daily-balance interest, statement-cycle day counts, deferred-interest promotions, and variable APRs that move with the prime rate.
Assumptions & limits
- No new purchases — the balance only goes down.
- No late fees and no annual fees.
- No cash advances (which often carry a higher APR and no grace period).
- No promotional APR changes — one APR for the whole payoff.
- No balance-transfer fees.
- APR is constant for the full payoff period.
- Monthly model — interest is charged once per month at APR ÷ 12, not daily.
If any of these apply to you, your real payoff will differ. Use the result as a planning baseline and re-run it with your statement's APR.
The minimum payment trap: a declining payment, not a fixed one
Credit card minimum payments are designed for the card issuer's revenue, not the cardholder's escape. A typical minimum is the greater of about 1–3% of the balance plus that month's interest, or a $25 floor. The catch is that a minimum payment SHRINKS every month as the balance falls, so progress slows to a crawl. Payoff time varies enormously with the issuer's formula — different cards use 1%, 1.5% or 2% of balance, or interest plus a small fixed amount — but on a $10,000 balance at 22% APR a declining minimum can easily stretch past 20 years and cost well over $15,000 in interest. There is no single 'minimum payment payoff time'; it depends entirely on which formula your issuer uses.
That decades-long figure is a declining MINIMUM, not a fixed payment — the two are often confused. Hold the payment fixed instead and the picture changes completely on the same $10,000 / 22% balance: a fixed $200/month clears in about 11 years 5 months ($17,356 interest); $400/month in about 2 years 10 months ($3,500 interest); $1,000/month in about 1 year ($1,149 interest). The gap between a declining minimum and a steady fixed payment is the real trap.
Why paying extra helps so much: every additional dollar of principal removes future interest on that dollar for the rest of the payoff. Note on the model — this calculator charges interest once per month at APR ÷ 12 (a transparent monthly model). Real issuers typically compound on the average daily balance across the statement cycle, and some compound daily rather than monthly, so your statement can differ by a few dollars; the direction of the lesson is identical.
Balance transfer 0% APR: the math that works and the trap that doesn't
0% APR balance transfer offers (12-21 months) can save massive interest if used correctly. Math: transfer $10,000 from a 22% APR card to a 0% card with a 12-month promotional period; transfer fees are typically 3-5% of the amount moved, so figure roughly $300-$500 up front on $10,000. If you pay it off within the promo window, total cost is just that fee (vs $1,500-2,000 in interest on the old card) — net savings of well over $1,000.
Critical execution: actually pay off the balance during the promotional period. Distinguish two legally different products. (1) An ordinary PROMOTIONAL BALANCE-TRANSFER card: when the 0% window ends, the go-to APR (often 18-25%) applies to the REMAINING balance GOING FORWARD only — you are not charged interest retroactively. (2) DEFERRED-INTEREST FINANCING, common on store/retail cards ('No interest if paid in full by [date]'): if any balance remains at the deadline, interest is charged RETROACTIVELY from the original purchase date. Read the fine print to know which one you have — the retroactive version is far costlier if you miss the payoff.
Common balance transfer mistakes that erase savings: (1) continuing to spend on the OLD card (creates new debt at high APR alongside the transferred balance), (2) missing a single payment (often voids the 0% offer instantly), (3) not paying enough to clear by promotional end (high APR kicks in), (4) opening multiple new cards for transfers (damages credit score, complicates payment management). The 0% offer is a tool — useful when used precisely, dangerous when used carelessly.
Debt avalanche vs debt snowball
With more than one card, two repayment orders dominate. Avalanche pays the minimum on every card and throws all spare cash at the highest-APR card first — it minimizes total interest, so it is mathematically optimal. Snowball attacks the smallest balance first — it costs slightly more interest but delivers quick wins that build momentum, and studies show higher completion rates.
This tool models a single card, so it does not order multiple debts or apply a custom payoff sequence. For several cards, run each balance here to see its individual payoff, then choose avalanche (by APR) or snowball (by balance) to sequence them. A custom multi-card order is not supported by this single-card tool.
Future advanced mode (not yet included)
These factors are not calculated by the current tool and are listed only to be explicit about what the estimate leaves out:
- New monthly purchases added to the balance
- Annual fee
- Balance-transfer fee
- Promotional (0%) APR expiration and post-promo rate
- Average-daily-balance interest matching your statement cycle
None of the above is applied to the numbers above today.
Frequently Asked Questions
Why does paying the minimum take so long?
The minimum payment is set low, often close to the monthly interest. With little left to reduce principal, the balance falls slowly and interest keeps accruing on a barely shrinking amount.
What if my payment is below the interest?
Then the balance grows rather than falls and the card is never paid off. The calculator flags this and asks you to raise the payment above the monthly interest charge.
Does this assume no new purchases?
Yes. The calculation assumes you stop adding to the card. New charges restart interest on a higher balance and push the payoff date further out.
How much should I pay each month?
As much as your budget allows above the minimum. Try larger monthly payments in the calculator to see how sharply the months and the total interest fall.
Is the APR fixed?
Most U.S. general-purpose credit cards carry variable APRs tied to the Prime Rate, though some products offer fixed APRs. The calculator uses one fixed APR, so re-run it if your card's rate changes.
References & Authoritative Sources
- CFPB — Consumer Financial Protection Bureau — Credit card minimum payment warnings and disclosure rules · consulted May 31, 2026 · Federal consumer protection — minimum payment disclosure box, payoff time warnings
- Truth in Lending Act — Regulation Z (12 CFR Part 1026) — Credit card APR and balance transfer disclosure rules · consulted May 31, 2026 · Federal regulation — required APR disclosure, balance transfer terms, deferred-interest rules
- Federal Reserve — Consumer Credit Report (G.19) — Credit card interest rate statistics · consulted May 31, 2026 · Authoritative source for average credit card APR. Two series: all accounts (TERMCBCCALLNS) ~21.0%, and accounts assessed interest (TERMCBCCINTNS, cardholders actually carrying a balance) ~21.9% — both from G.19, updated quarterly (Feb/May/Aug/Nov)
Related Calculators
Data Sources & Benchmarks
The default APR is the U.S. average from the Federal Reserve G.19 Consumer Credit release — a benchmark only. Your own card's APR is on your monthly statement; enter that for an accurate payoff.
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Methodology & Review
This calculator uses a single, explicit model: standard monthly amortization with a monthly rate of APR ÷ 12. Each month it charges interest on the balance, subtracts your fixed payment, and repeats until the balance clears — counting the months and summing the interest. Included by default: the balance, one constant APR, and a fixed monthly payment. Excluded by default: new purchases, late and annual fees, cash advances, promotional or penalty APR changes, and balance-transfer fees. Real issuers usually compute interest on the average daily balance over the statement cycle, and some compound daily rather than monthly (which raises the effective cost slightly), plus they may apply variable APRs — so your statement can differ by a few dollars. Treat the result as a transparent planning estimate, not a guarantee, and enter your own statement's APR for the closest match.
Reviewed according to the CalcDomain Editorial Policy & Calculator Methodology. We document formulas, edge cases, sources, update dates, and correction paths for calculator pages.
Updated