Credit card payoff calculator: how long to clear your balance

When you carry a balance on a credit card, interest is charged on what you still owe, so paying only the minimum can keep you in debt for years. Enter your balance, the card's annual interest rate and the amount you can pay each month, and this calculator shows how many months it will take and how much interest you will pay in total.

It applies the monthly rate to the remaining balance each month, subtracts your payment, and repeats until the balance reaches zero. If your payment is smaller than the interest charged each month, the balance never falls, and the tool will tell you so. Paying a little more than you planned usually cuts the total interest by far more than you would expect.

Frequently asked questions

Why does the minimum payment take so long?

The minimum due is a small share of the balance, so most of it goes to interest and very little to the amount you owe. The balance falls slowly and the interest keeps building on the remainder.

Does the interest-free period still apply when I carry a balance?

Generally not. Once you revolve a balance, interest is typically charged from the transaction date until it is paid. Your card's terms set the exact rule.

What is the fastest way to reduce the interest?

Pay more than the minimum every month, and clear the full balance when you can. Moving the balance to a cheaper loan is another option if the rate is lower after fees.

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