Finance
Credit Card Payoff Calculator
Estimate how long a credit card balance takes to clear and what it costs.
This result shows roughly how many months the balance takes to clear at that monthly payment, and how much is paid in total, including the interest part.
Formula
Payoff time uses the same amortising formula as a loan: months from the logarithm of payment over payment minus monthly interest.
How it works
Credit card interest is high, so a small payment mostly covers interest at first. Paying only the minimum stretches payoff for years — this calculator shows why.
Worked example
For example, a $5,000 balance at 22% with a $200 monthly payment takes about 34 months to pay off, with about $6,800 paid in total and about $1,800 of that as interest.
FAQs
Why is the interest so high?
Card rates are typically far above loan rates, often above 20%.
What if I only pay the minimum?
Payoff can take many years and cost more in interest than the original balance.
Does a balance transfer help?
A lower rate for a period can help, if the balance is cleared before the low rate ends.
Are these figures financial advice?
No — they are estimates for planning only, not financial advice. Check with a qualified adviser for decisions involving large sums.
Estimates only, not financial advice. Figures are approximate and do not include all fees, taxes, or changing rates unless stated.
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