Credit Card Payoff Calculator
When will you be debt-free — and how much interest can you save?
Put in your balance, APR and monthly payment, and see when you will be debt-free — and what the interest will add up to.
Why credit card debt takes so long to clear
Interest is charged on your remaining balance every month, often at 20% APR or more. Owe $2,500 at 24% APR, pay $150 a month, and it takes 35 months and costs about $1,860 in interest. Pay $300 instead and it clears 14 months sooner, saving almost $800.
How the calculation works
Each month, interest is added (balance × APR ÷ 12), your payment comes off, and it repeats until the balance hits zero. If your payment is lower than the interest, the balance grows — and the calculator will tell you.
Strategies to pay off cards faster
- Avalanche method: pay the minimums on every card, then put every spare dollar or pound towards the card with the highest APR. This saves the most interest.
- Snowball method: clear the smallest balance first for a quick win, then roll that payment into the next card. It costs a little more interest but keeps many people motivated.
- 0% balance transfer: moving the debt to a 0% card can stop the interest for 12 to 24 months. Watch out for the transfer fee (usually 3 to 5%) and the rate that applies when the deal ends.
- Stop adding to it: take the card off your phone and online shops until it's paid off.
Frequently asked questions
What if my payment is lower than the interest?
Then the balance will never fall. The calculator will warn you and show the smallest payment that makes progress.
Should I pay off my card or save first?
Many people keep a small emergency fund and then attack high-interest card debt, because few savings accounts pay anywhere near 20%+ APR.
For information only. If you're struggling with debt, free help is available from a non-profit credit counselor (US) or from StepChange or MoneyHelper (UK).