Credit Card Payoff Calculator — months to zero at your payment

How it works

The simulation is one repeated step: B is replaced by B(1 + r) − M, where r is the APR divided by 12 and M your fixed payment, until the balance reaches zero — the same amortization arithmetic as a fixed loan, with the months counted along the way. If M is less than or equal to the first month's interest, B × r, the balance can never fall and the calculator says "never" rather than a number. The minimum-payment output applies one example structure — 2% of the balance with a $10 floor, the rule in LibreTexts' worked example — as an estimate of what the card might ask this month; paying only that amount stretches the payoff enormously, which is what the payment sweep makes visible.

Worked example

The payoff arithmetic inverts a published loan: LibreTexts' $3,000 consumer balance at 16% with payments of $146.89 is exactly a 24-month payoff — the same pair read in the payoff direction. On this page's default scenario, a $5,000 balance at 22% APR paid at $200 a month, the calculator runs the same simulation and finds 34 months and about $1,750 of interest — its own computation for these inputs, not published values. Raise the payment to $300 and it finds 21 months and about $1,020, because every added dollar skips the interest entirely.

Frequently asked questions

How long will it take to pay off my card?

Enter the balance, APR, and what you can pay monthly: the calculator simulates each month — interest added, payment subtracted — and counts the months to zero. The relationship is sharply non-linear: payments just above the interest crawl, and each additional fixed dollar accelerates the finish disproportionately.

Why does the calculator say "never"?

Because your payment is at or below one month's interest on the balance — the balance grows or holds even after you pay. At 22% APR a $5,000 balance accrues about $92 of interest a month, so any payment under that loses ground. The fix is structural: a higher payment, a lower rate, or both.

What is the minimum payment, and what does paying it do?

Issuers set their own formulas; the one this estimate uses — 2% of the balance with a $10 floor — is the structure in LibreTexts' worked example, shown here as an illustration rather than a claim about what most issuers do. Minimums are designed to keep the account current, not to retire the debt: because the payment shrinks as the balance shrinks, minimum-only paying stretches the timeline to years and multiplies the interest.

Does this account for new purchases on the card?

No — it models a closed balance being paid down, with no new spending and a constant APR. New purchases add principal and restart interest on the added amount, so the real timeline is at least as long as the model's; the cleanest use of the number is for a card you have stopped charging.

How much does an extra $100 a month actually help?

More than intuition suggests, and the sweep shows it for your numbers: the extra dollars bypass interest entirely and attack principal, which then stops generating interest of its own. On high-APR balances the compounding works against the card quickly once the principal starts falling.

Is it better to pay the card or save the money?

That is a comparison of rates: interest avoided at the card's APR versus what saving earns — and card APRs are usually far higher than deposit rates. This page quantifies only the card side; what fits your budget and reserves is a judgment it does not make.

How accurate is this, and what does it exclude?

The simulation is exact for a fixed APR, a fixed payment, and no new charges. It excludes annual fees, penalty-rate changes, promotional 0% windows, and daily compounding differences between issuers — real cards accrue daily, which shifts figures slightly. Treat the months and interest as close estimates and the direction as exact.