Credit Card Payoff Calculator
Find out how long it takes to pay off your credit card and how much interest you'll pay.
ℹ️About This Calculator
A $5,000 credit card balance at 24% APR with minimum payments takes over 17 years to pay off and costs about $7,000 in interest — you pay more in interest than you originally owed. Bump the payment to $200/month and you're done in 32 months, paying $1,350 in interest instead. That one decision saves you $5,650 and 14 years. This calculator shows both scenarios side by side: what happens if you pay minimums vs. what happens at your chosen payment amount. It includes the year-by-year breakdown so you can see exactly when the balance hits zero and how much of each payment is actually reducing your debt vs. feeding the interest monster.
Frequently Asked Questions
How long does it take to pay off credit card debt?
$5,000 at 22% APR: pay $150/month and you're done in 48 months with $2,130 in interest. Pay $300/month and it's 20 months with $830 in interest. Pay only the minimum? Over 20 years, and you'll pay more in interest than you originally owed. The pattern is clear — every extra $50 you throw at it per month shaves off months and hundreds in interest.
What is APR and how does it affect my payoff?
APR is what your credit card charges you annually for carrying a balance. Most cards are 20-29%, with the US average around 24%. Here's what that means in practice: a $5,000 balance at 24% generates $100/month in interest. If you pay $150, only $50 actually reduces your debt. The other $100 is the bank's profit. That's why high-APR debt feels impossible to escape — most of your payment is going straight to interest.
What is the minimum payment and why is it dangerous?
Typically 1-2% of your balance, or $25-35, whichever is higher. The trap: as your balance drops, the minimum drops too, so you're paying less and less over time. That's not a feature — it's designed to keep you in debt as long as possible and maximize how much interest the bank collects. Fix this by picking a flat dollar amount (like $200) and paying that every month regardless of what the statement says the minimum is.
What is the debt avalanche method?
Pay minimums on every card, then throw all extra money at the one with the highest APR. When that card hits zero, roll its entire payment into the next highest APR card. Repeat. This saves the most money mathematically. The "debt snowball" (smallest balance first) feels better psychologically because you get quick wins, but it costs more in interest. Pick whichever one you'll actually stick with — a slightly suboptimal plan you follow beats a perfect plan you abandon.
Should I do a balance transfer to a 0% APR card?
If you can pay off the balance before the promo period ends, absolutely. A $5,000 transfer with a 3% fee ($150) saves you $1,000+ in interest over 15 months at 0% vs. 24%. The catch: you need a plan to pay it off before the 0% expires (usually 12-21 months), and you cannot use the old card while paying down the transfer. Set up auto-payments for the exact monthly amount that clears it in time.
How do I pay off $10,000 in credit card debt?
Step 1: stop using the cards — literally freeze them if you have to. Step 2: list every card by APR, highest first. Step 3: pay minimums on all of them, put every extra dollar toward the highest-APR card. At $500/month total on $10,000 at 22%: you're debt-free in about 26 months and pay $2,500 in interest. At $700/month: 18 months, $1,700 interest. The harder you hit it, the less the bank takes from you.
What if I can only afford the minimum payment?
Pay it — protecting your credit score matters. Then find money from the other direction: sell stuff you haven't touched in a year, drop one subscription, pick up extra shifts. Even $50 extra per month on a $5,000 balance cuts years off the payoff and saves hundreds. Also call your card issuer — seriously, just ask. Many have hardship programs that temporarily lower your rate to 10-12%. Worst they can say is no.