Calcuvelo Financial & economic calculators

Credit Card Debt Payoff Calculator

How long until a credit-card balance is clear at a fixed monthly payment?

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Your monthly payment is lower than the monthly interest charge, so the balance would never be paid off. Increase the payment above the interest that accrues each month.

Time to payoff

Total interest

Total paid

Saved with extra
Adjust the inputs above to see the breakdown.

Assumes no new charges and the same payment every month. Estimates only — not financial advice.

How to Use This Calculator

  1. Enter your current balance and the card's APR (shown on your statement).
  2. Enter the fixed monthly payment you plan to make every month.
  3. Optionally add an extra monthly payment to compare an accelerated plan.
  4. Read the results. You get the payoff time in months and years, the total interest you will pay, the total amount repaid, and — if you added an extra payment — how much interest and time that extra money saves. The chart shows both payoff curves side by side.

If your payment is too small to cover the monthly interest, the calculator warns you: the balance would grow forever.

The Formula Explained

The number of months to pay off a fixed-rate balance with a fixed payment is:

n = − ln( 1 − (i × B) ÷ P ) ÷ ln( 1 + i )
  • B — starting balance
  • P — fixed monthly payment
  • i — monthly interest rate = APR ÷ 12

The result only exists when P > i × B — the payment must exceed the first month's interest. The calculator also runs a month-by-month simulation so the total interest and the chart match real statement rounding.

Frequently Asked Questions

Why does my balance barely go down each month?

On a high-APR card, most of a minimum payment is interest. At 22% APR a $6,000 balance accrues about $110 in the first month, so a $150 payment cuts the principal by only about $40. Paying more than the minimum is what breaks that cycle — and every extra dollar goes straight to principal.

Should I use the debt avalanche or debt snowball method?

With several debts, the avalanche (extra money toward the highest APR first) minimizes total interest. The snowball (smallest balance first) costs a little more but produces fast, motivating wins. Either is far better than paying only minimums.

Will a 0% balance transfer card help?

A 0% introductory APR can pause interest for 12–21 months so nearly every payment reduces principal. Budget for the 3–5% transfer fee and make sure you can clear the balance before the promotional period ends and the regular APR kicks in.

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