Credit card payoff calculator
How long a balance takes to clear at a given monthly payment.
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How it's calculated
Each month the balance grows by the monthly rate (APR divided by twelve) and shrinks by your payment. Solving that for the number of months gives a logarithm: minus the log of (1 − balance × rate ÷ payment), divided by the log of (1 + rate). Total interest is the payments made less the original balance. If the payment is smaller than one month’s interest the balance never falls, which the tool shows as 0 months.
How long does $5,000 at 22% take to pay off at $150 a month?
52 months, just over four years, and about $2,800 in interest. Paying $250 a month clears it in 26 months with about $1,300 in interest.
Why do minimum payments take so long?
Minimums are usually 1–3% of the balance, which is only slightly more than the monthly interest, so almost nothing goes to principal. Fix a payment amount and keep it as the balance falls.
Does a balance transfer help?
Usually. A 0% transfer for 12–21 months puts the whole payment against principal; run the tool with APR 0 to see the payoff time, and compare the transfer fee (typically 3–5%) with the interest saved.
Results are estimates for informational purposes only and are not financial, medical or legal advice.