Credit Card Payoff Calculator

This credit card payoff calculator shows how long it takes and what it costs. A balance of 2,500 at 19.9% interest and 100 a month is paid off in 2 years 9 months, with 755.63 in interest.

Source: Wikipedia – Amortization calculator (loan payoff formula). Updated: 30 September 2026.

What do you want to know?

Balance owed

The debt on the card. Any currency works.

Interest rate (APR)

The interest rate on carried balances as stated on your statement, often 12 to 20%. It is divided by 12 and charged monthly.

Monthly payment

What you pay each month. It must be higher than the monthly interest.

Minimum payment as % of balance (plus interest)

Many cards ask 1 to 5% of the balance plus interest. Used only for the comparison table.

Minimum payment: floor

The minimum payment falls with the balance but usually not below this amount.

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Result

Result: Paid off in 2 years 9 months
More figures: Total interest: 755.63 (30% of the balance)
Total paid: 3,255.63
Last payment: 55.63
Comparing ways to pay: Way to pay Time Interest
Your payment (100) 2 years 9 months 755.63
Double payment (200) 1 years 3 months 324.95
Minimum payments only (starts at 91.46, falls with the balance) 8 years 5 months 1,740.77
Calculation: Monthly rate = APR ÷ 12 = 1.658%. Time = −ln(1 − balance × monthly rate ÷ payment) ÷ ln(1 + monthly rate).; Calculation without new purchases, fees or rate changes. Your card may compute interest differently (daily interest, grace periods).

Way to pay	Time	Interest
Your payment (100)	2 years 9 months	755.63
Double payment (200)	1 years 3 months	324.95
Minimum payments only (starts at 91.46, falls with the balance)	8 years 5 months	1,740.77

How it is calculated

How the credit card payoff calculator works

Each month interest is added to the balance, then your payment is subtracted. The rest is charged interest again the next month. The time follows from the annuity formula: n = −ln(1 − B × i ÷ P) ÷ ln(1 + i) with balance B, monthly rate i and payment P.

Why minimum payments are expensive

If you pay only the minimum, it falls as the balance falls, and the debt shrinks ever more slowly. With 2,500, 19.9% and 2% plus interest it takes over 8 years and costs about 1,741 in interest. The table compares that with your fixed payment and a double payment.

What really helps

A fixed, higher payment instead of the minimum: every extra unit goes straight to the debt.
Stop new purchases while the balance is being paid down.
Check a cheaper loan if its rate is well below the card rate.

Honest limits

Interest is computed as the annual rate divided by 12. Some issuers charge daily or allow interest-free days. Fees and new charges are not included.

Frequently asked questions

How long does it take to pay off a credit card?

It depends on balance, rate and payment. 2,500 at 19.9% and 100 a month takes 33 months.

How high must the payment be at least?

It must exceed the monthly interest, otherwise the debt never falls. For 2,500 at 19.9% that is about 41.46 a month.

What does paying only the minimum cost?

A lot: the term often stretches to many years, and interest adds up to a multiple of what a fixed payment would cost.

How do I find the payment for a target date?

Choose “What payment do I need” and enter the months. The calculator uses the annuity formula and rounds the payment up.

Does this match my statement exactly?

Not always. It uses the APR divided by 12. Your bank may compute daily interest or add fees.

Sources and legal basis

As of: 30 September 2026