Money · debt
Credit Card Payoff Calculator
By the Dailycaltor team · formula-verified · last updated July 2026
How long until the balance hits zero — and what it costs.
Details
Formula
Months to payoff = −log(1 − r×B÷P) ÷ log(1+r), where B is the balance, r the monthly rate (APR ÷ 12) and P your payment. If P is below the monthly interest, the balance never falls.
Worked examples
- $3,000 at 24% APR paying $150/month → about 25 months and ~$740 interest.
- Same balance paying $300/month → about 11 months and ~$330 interest.
- Minimum-only payments can stretch payoff to many years.
Common mistakes
- Paying only the minimum — most of it goes to interest, barely denting the balance.
- Adding new purchases while paying down, which resets your progress.
- Ignoring balance-transfer or lower-APR options that cut interest dramatically.
Last updated: July 2026. Educational estimates only.
Questions
How long to pay off my credit card?
Enter balance, APR and payment above — the tool shows months and total interest instantly.
Why does paying a little more help so much?
Extra payment goes 100% to principal, shrinking the balance that interest is charged on.
What if my payment barely covers interest?
The tool warns you — below the interest amount the balance never falls. Raise the payment or lower the APR.
Is credit card APR daily or monthly?
APR is annual but usually accrues daily; monthly approximation (APR ÷ 12) is close enough for planning.
Should I pay the highest APR card first?
Mathematically yes (avalanche). Paying smallest balances first (snowball) helps motivation.
Does this include new spending?
No — it assumes no new charges while paying down.