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Credit Card Calculator

See how long it takes to clear a credit card balance and how much interest it costs.

Result

Months to payoff
33
Total interest
$1,521.02
Total paid
$6,521.02
Export:
Balance vs. interest
  • Original balance$5,000.0076.7%
  • Total interest$1,521.0223.3%

Balance over time

Balance over time$5,000.00$3,750.00$2,500.00$1,250.00$0.00Yr 0Yr 1Yr 2Yr 2.8

How credit card payoff works

Credit cards charge interest on the balance you carry, and they do it every month. This calculator simulates the payoff month by month: it adds the month’s interest (your APR divided by twelve, times the balance), subtracts your fixed payment, and rolls the remainder into the next month — repeating until the card hits zero.

Because interest is recalculated on the falling balance each month, a fixed payment makes slow progress at first and faster progress later. The catch is the floor: your payment has to be larger than the first month’s interest, or the balance grows instead of shrinking and the card is never cleared.

Understanding the results

The months-to-payoff figure tells you how long the card will take to clear at your chosen payment. Total interest is the price you pay for carrying the balance, and total paid is the original balance plus that interest.

The balance chart shows the debt declining over time, while the donut chart contrasts your original balance with the interest you pay to be rid of it.

Escaping the minimum-payment trap

High card APRs make the payment size critical:

  • Paying only the minimum can stretch a balance over many years and multiply the interest; pay a fixed, higher amount instead.
  • Even a modest increase in the monthly payment dramatically shortens the payoff and cuts interest.
  • A 0% balance-transfer offer or a lower-rate personal loan can redirect more of each payment to the principal.
  • Stop adding new charges while paying down the card, or the balance never falls.

Assumptions

This model uses a fixed payment, a fixed APR and no new purchases or fees. Real card terms include variable rates, penalty APRs and minimum-payment formulas that change as the balance falls. Treat the result as a motivating estimate, not a statement from your issuer.

Formula

each month: interest = balance·APR/1200; balance += interest − payment

Frequently asked questions

Why does my payment need to beat the interest?
If your payment is smaller than the first month’s interest, the balance grows instead of shrinking and the card is never paid off.