Credit card payoff calculator
Find out how long a fixed monthly payment takes to clear a card balance and how much interest it costs.
Method: APR ÷ 12 monthly periodic rate, no new chargesReviewed Oct 2026
Your numbers
$
%
$
Results
Debt-free date
Dec 2029
37 months
Total interest
$2,566
At 22.90% APR
Total paid
$9,066
On a $6,500 balance
Balance $6,500 (72%)Interest $2,566 (28%)
Paying $50 more each month saves $599 in interest and 8 months.
Payments each year
Toward balanceInterestFormula
n = −ln(1 − rB ÷ P) ÷ ln(1 + r)
With your numbers
n = −ln(1 − 0.019083 × 6,500 ÷ 250) ÷ ln(1 + 0.019083) = 36.26 months
In plain EnglishPaying $250 a month, $124 of your first payment goes to interest and the rest reduces the balance. That share shifts as the balance falls, and the card is paid off in 37 months. No new purchases are assumed.
- 1Monthly rate r = APR ÷ 120.019083
- 2Interest in month one r × B$124.04
- 3Share of first payment that is interest49.6%
- 4Months to payoff n (rounded up)37
- 5Total interest paid$2,566.36
YearPaidInterestBalance
1$3,000$1,319$4,819
2$3,000$891$2,711
3$3,000$354$65
4$66$1$0
Why does my card statement show a different payoff time?
Statements usually assume you pay only the minimum, which shrinks as the balance falls. This calculator assumes the same fixed payment every month.
What if my payment is lower than the interest?
The balance never falls. You need to pay more than one month of interest to make any progress.