See how long it takes to pay off your credit card, compare payment strategies, and find your debt-free date.
A credit card payoff calculator estimates how long it takes to eliminate your credit card balance and how much total interest you'll pay based on your monthly payment amount. It uses the formula n = −log(1 − r × B / P) / log(1 + r), where B is balance, r is monthly interest rate, and P is monthly payment. For example, a $5,000 balance at 20% APR with $200/month payments takes about 2 years 11 months to pay off, costing $1,873 in interest.
The payoff time depends on your balance, interest rate, and monthly payment amount. For example, a $5,000 balance at 20% APR with $200/month payments takes about 2 years and 11 months to pay off, with $1,873 in total interest.
Yes, always pay more than the minimum. Minimum payments (typically 1-3% of balance) mostly cover interest and can take 10+ years to pay off. Doubling your minimum payment can cut payoff time significantly and save thousands in interest.
Two popular strategies: the Avalanche method (pay highest interest rate first to save the most money) and the Snowball method (pay smallest balance first for psychological wins). Both work effectively; choose what motivates you most.
Credit card interest is calculated using the formula n = -log(1 - r × B / P) / log(1 + r), where B is the balance, r is the monthly interest rate (APR divided by 12), and P is the monthly payment. Most credit cards compound interest daily.