Credit
Credit Card Payoff Calculator
How long until you're debt-free — and what minimum payments really cost.
Enter your numbers above.
Estimates only — not financial advice. See assumptions below.
How this works
Assumptions
- Interest compounds monthly on the remaining balance.
- No new charges are added during payoff.
- Payment must exceed monthly interest or the balance never falls.
FAQ
Why do minimum payments take so long?
Minimums are often ~2% of the balance, so most of the payment covers interest. Paying even $50 more per month can cut years off the timeline.
What formula is used?
Months = −log(1 − r·B/P) / log(1+r), with r the monthly rate, B the balance, P the payment. Total interest = payments − balance.
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