Credit Card Payoff Calculator

Calculate how long it will take to pay off a credit card with a fixed monthly payment. See total interest, your final payment, a month-by-month schedule, and the payment needed to hit a payoff deadline.

Payoff timeline

2 yr 3 mo

$1,535 interest with a $250 monthly payment.

Payoff result

Total interest
$1,535
Total paid
$6,535
Final payment
$35

Deadline payment

To pay this off in 24 months, estimate about $267 per month.

Interest warning

The first month adds $104 of interest before your payment hits principal.

First 24 months of payoff schedule
MonthPaymentPrincipalInterestBalance after
1$250$146$104$4,854
2$250$149$101$4,705
3$250$152$98$4,553
4$250$155$95$4,398
5$250$158$92$4,240
6$250$162$88$4,078
7$250$165$85$3,913
8$250$169$81$3,744
9$250$172$78$3,572
10$250$176$74$3,397
11$250$179$71$3,217
12$250$183$67$3,034
13$250$187$63$2,848
14$250$191$59$2,657
15$250$195$55$2,462
16$250$199$51$2,264
17$250$203$47$2,061
18$250$207$43$1,854
19$250$211$39$1,642
20$250$216$34$1,426
21$250$220$30$1,206
22$250$225$25$981
23$250$230$20$752
24$250$234$16$517

How to use this calculator

  1. Enter the current card balance, APR, and the monthly amount you can keep paying.
  2. Add any one-time extra payment if you plan to use savings, a bonus, or a tax refund to lower the balance now.
  3. Set a target payoff deadline to see the estimated monthly payment needed to hit it.

How it works: the math

Each month, the calculator adds interest using APR ÷ 12, subtracts your fixed payment, and repeats until the balance reaches zero. The last payment is capped at the exact remaining balance plus that month’s interest, so totals reconcile to principal plus interest.

A fully worked example. A $5,000 balance at 24.99% APR with a $250 monthly payment pays off in 2 yr 3 mo. Total interest is $1,535, and total paid is $6,535. To finish in 24 months instead, the estimated payment rises to $267 per month.

This is an educational amortization model. It assumes no new purchases, no new fees, no rewards offsets, and a constant APR. For the minimum-payment trap, use the Credit Card Minimum Payment Calculator.

See how we verify every calculator

Frequently asked questions

How do I calculate credit card payoff time?

Start with the balance, add one month of interest using APR divided by 12, subtract your payment, and repeat until the balance reaches zero. This calculator runs that month-by-month schedule and stops the final payment at the exact remaining balance plus interest.

Why does a fixed payment pay off debt faster than the minimum?

A fixed payment stays the same while the balance falls, so more of each later payment goes to principal. Minimum payments usually shrink with the balance, which slows principal reduction and can stretch payoff for many years.

What monthly payment do I need to pay off a credit card in 24 months?

For the default $5,000 balance at 24.99% APR, the estimated payment is about $267 per month for a 24-month payoff. Change the target months in the calculator to create your own deadline.

Should I use extra cash as a one-time payment or raise my monthly payment?

Both help, but a one-time payment lowers the balance immediately and reduces all future interest. A higher monthly payment keeps pressure on principal every month. If you can do both, the math usually favors paying extra as early as possible.

Does this include new purchases or fees?

No. The model assumes no new purchases, late fees, balance-transfer fees, or annual fees during payoff. If you keep charging new purchases to the card, payoff will take longer and interest will be higher.

What if my payment is too low to pay off the card?

If the monthly payment does not cover the interest that accrues, the balance grows instead of shrinking. The calculator marks that scenario as never paying off so you can raise the payment, lower the APR, or test a one-time extra payment.

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