Credit Card Payoff Calculator — Get Debt-Free Faster
With average card APRs above 21%, the payment you choose matters enormously. Enter your balance, APR, and monthly payment to see your debt-free date — and compare it against the minimum-payment trap.
- Total interest paid
- $1,749.88
- Interest saved vs minimum payments
- $6,349.89
Payment scenarios
| Monthly payment | Payoff time | Total interest |
|---|---|---|
| $200.00 | 2 yr 10 mo | $1,749.88 |
| $250.00 | 2 yr 2 mo | $1,285.72 |
| $300.00 | 1 yr 9 mo | $1,021.60 |
| $400.00 | 1 yr 3 mo | $731.60 |
How this calculator works
- Each month, interest accrues at APR ÷ 12 on the remaining balance, then your payment is applied. If a result shows 100 years, your payment doesn't even cover the interest.
- The comparison row uses the typical issuer minimum (interest + 1% of balance) — the schedule most cards default you into.
Frequently asked questions
Should I pay off cards or invest?
A 22% APR is a guaranteed 22% return for paying it off — no investment reliably beats that. Card debt first (after any employer 401(k) match), then invest.
Does paying off a card help my credit score?
Usually significantly: utilization (balance ÷ limit) is about 30% of your score, and it has no memory — the score benefit appears within a statement cycle or two of the balance dropping.
Avalanche or snowball?
Avalanche (highest APR first) minimizes interest; snowball (smallest balance first) builds momentum with quick wins. The best method is the one you'll stick with — the math gap is usually smaller than the motivation gap.
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Disclaimer: Results are estimates for educational purposes only and are not tax, legal, or financial advice. Tax rules are simplified (credits, phase-outs, and local taxes may not be modeled). Verify important decisions with the IRS, your state tax authority, or a licensed professional.