Credit Card Payoff Calculator
Find out exactly when your card will be paid off — or what monthly payment you need to hit a target date. Includes a year-by-year schedule and a breakdown of how much of your money goes to interest versus principal.
Year-by-year amortization
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| ▸ 2026 | $1,200 | $736 | $464 | $4,536 |
| ▸ 2027 | $1,800 | $958 | $842 | $3,694 |
| ▸ 2028 | $1,800 | $742 | $1,058 | $2,636 |
| ▸ 2029 | $1,800 | $472 | $1,328 | $1,308 |
| ▸ 2030 | $1,445 | $137 | $1,308 | $0 |
How credit card payoff math works
Credit cards compound interest monthly. Each statement cycle, your card issuer multiplies your balance by your monthly periodic rate — that's your APR divided by twelve — and adds the result as an interest charge. Your payment is applied to that interest first; whatever's left over chips away at the principal.
The standard amortization formula tells you exactly how many months it takes to clear a balance at a given fixed payment:
n = −log(1 − i × P ÷ PMT) ÷ log(1 + i)
Where P is your starting balance, i is your monthly rate (APR ÷ 12 ÷ 100), and PMT is your monthly payment. The formula only has a solution when PMT > P × i — that is, when your payment exceeds the interest accruing each month. Below that line, the balance grows without bound.
To go the other direction — solving for the payment required to finish in n months — we rearrange to PMT = P × i × (1 + i)ⁿ ÷ ((1 + i)ⁿ − 1).
Why this matters
The average U.S. credit card APR sits well north of 20%. At that rate, a $5,000 balance paid at $150/month takes nearly five years to clear and costs about $3,500 in interest — more than two-thirds of the original balance, paid again, to the bank.
Adding even modest extra payments early in the schedule has a disproportionate effect: every extra dollar of principal you pay now is a dollar that isn't accruing 20%+ interest for the rest of the payoff period. Run a few scenarios above with different monthly payments and watch the interest column shrink.
Frequently asked questions
How is my credit card payoff date calculated?
We use the standard amortization formula. Each month, interest accrues on the remaining balance at one-twelfth of your APR; your payment first covers that interest, and the rest reduces the principal. We repeat that until the balance is zero. The closed-form expression for months-to-payoff is n = -log(1 − iP/PMT) / log(1 + i), where i is your monthly rate, P is your balance, and PMT is your monthly payment.
What if my monthly payment doesn't cover the interest?
Then your balance grows instead of shrinks — every month you pay less than the interest charge, the unpaid interest is added to your principal and starts accruing interest of its own. The calculator detects this and shows a warning. You need to pay strictly more than balance × APR ÷ 12 each month just to break even.
Does this account for fees, cash advances, or promotional rates?
No. The calculator assumes a single fixed APR with no fees, no cash advances, and no introductory rate that changes later. If your card has a balance transfer offer or a promotional 0% period, run two scenarios — one for the promo period, one for the regular APR — and combine the results.
Why does paying just a bit more each month cut my payoff time so dramatically?
Because of how interest stacks. Early in repayment, most of each minimum payment goes to interest, not principal. An extra $50 or $100 a month is pure principal, which means less balance accruing interest next month, and the savings compound every cycle. Try increasing the monthly payment in the calculator by 10% and watch the payoff date shift by months or years.
Should I pay off the highest-APR card or the smallest-balance card first?
Mathematically, paying the highest-APR debt first (the avalanche method) minimizes total interest. Behaviorally, paying the smallest balance first (the snowball method) gives quick wins that keep many people motivated. The right answer depends on whether you trust yourself to stick with the slower mathematical optimum. Both strategies will get their own calculator on DebtMath.
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Estimates are educational only and assume a fixed APR with monthly compounding and end-of-month payments. Your card issuer may use a daily periodic rate or different posting rules, so your actual payoff may vary by a few dollars.