Credit card payoff calculator
See how long it takes to pay off your card, how much interest you will pay, and what an extra $50 a month saves.
By Steven Crews, former bank manager and mortgage broker · Updated October 28, 2026How this works
Each month, interest is added to what you owe: your yearly rate (APR) divided by 12, times your balance. Then your payment comes off. Whatever is left over after the interest is what actually shrinks the debt.
That's why a small payment takes so long. On a $5,000 balance at 22%, the first month's interest is about $92. Pay $100 and only about $8 goes toward the balance.
A real example
$5,000 on a card at 22% interest:
- Paying $200 a month: debt free in 34 months, and you pay $1,750 in interest.
- Paying $250 a month: debt free in 26 months, and you pay $1,286 in interest.
- To be done in 3 years, you need about $191 a month.
An extra $50 a month cuts 8 months and saves $464.
Got more than one card?
Paying them off one at a time, and rolling each finished payment onto the next, is faster than spreading extra money thin. Try it with all your debts in the debt snowball calculator.
Where does the extra $50 come from?
That's what the Wallet Method is for. Your bills and savings come out first, and you get one weekly adult allowance for everything else. When you can see the week's money in one place, finding $50 a month gets a lot easier. The app is free when you type it in yourself.
Questions
How long will it take to pay off my credit card?
It depends on your balance, your interest rate and your monthly payment. For example, $5,000 at 22% paid at $200 a month takes 34 months. Enter your own numbers in the calculator above.
How is credit card interest calculated?
Your yearly rate (APR) is divided into a monthly rate and charged on your balance. This calculator works monthly. Card companies charge on your daily balance, so your statement can differ a little.
What happens if I only pay the minimum?
The minimum is usually set low, and it drops as your balance drops, so paying only the minimum can take many years. Choosing a fixed payment that stays the same every month gets you out much faster.
Is it worth paying a little extra each month?
Yes. On $5,000 at 22%, going from $200 to $250 a month saves $464 in interest and finishes 8 months sooner.
What payment do I need to be debt free by a certain date?
Choose 'I want it paid off by' in the calculator and enter the number of months. For $5,000 at 22% over 36 months, it's about $191 a month.
These are estimates. Interest is worked out monthly (your yearly rate divided by 12). Cards charge on your daily balance, so your statement can differ a little. This is a planning tool, not financial advice.