Credit Card Payoff Calculator

See how long it takes to pay off debt and how much interest you'll save with extra payments

Your Debt

Current Balance ($)

APR (%)

Minimum Payment ($)

Or 2% of balance

Payment Scenarios

Extra Monthly Payment ($)

Fixed Monthly Payment ($)

Pay a set amount every month

Enter your balance details and click Calculate Payoff

Debt Payoff Strategies

Debt Avalanche

Pay minimums on all debts, then throw all extra money at the highest-interest debt first. Mathematically optimal — saves the most interest over time. Best if you're motivated by math.

Debt Snowball

Pay off smallest balances first. Each payoff gives a psychological win that motivates you to keep going. Dave Ramsey's method — slightly less optimal but better for many people emotionally.

Balance Transfer

Moving high-APR debt to a 0% intro APR card can save significant interest. Watch for transfer fees (3-5%) and ensure you can pay it off before the promo period ends (typically 12-21 months).

The Minimum Payment Trap

Paying only minimums on a $5,000 debt at 22% APR can take 20+ years and cost $6,000+ in interest. Even $50/month extra can cut the payoff time in half and save thousands.

Frequently Asked Questions

How long will it take to pay off my credit card?

At minimum payments, it can take 10-25 years for a typical balance. With a fixed payment, you can dramatically reduce this. Use this calculator to see the exact payoff date under different payment scenarios. The key variable is how much above the minimum you pay each month.

Should I consolidate my credit card debt?

Debt consolidation (personal loan or 0% balance transfer) makes sense if you can get a lower interest rate AND you have the discipline not to accumulate new credit card debt. A personal loan at 10% vs 22% APR would save significant interest. However, closing credit cards can temporarily hurt your credit score.

What is the debt avalanche method?

The debt avalanche method prioritizes paying off the highest-interest debt first while making minimum payments on all others. Once the highest-rate debt is gone, you roll that payment to the next highest rate. It's mathematically optimal and saves the most money in interest charges.