Finance calculator
Credit Card Payoff Calculator
Estimate credit card payoff time and total interest with fixed monthly payments.
Quick answer
How long will it take to pay off a credit card?
Each month, interest is the balance × (APR ÷ 12), and the rest of your payment lowers the balance. A $5,000 balance at 20% APR with $200 monthly payments takes about 32 months and costs roughly $1,300 in interest.
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The Credit Card Payoff Calculator estimates how long repayment may take and total interest with a fixed monthly payment.
Disclaimer: This tool provides estimates for informational purposes only and is not financial advice. Please do your own due diligence and consult a qualified professional before making real-world financial decisions.
About this Credit Card Payoff Calculator
See how long it will take to pay off a credit card balance and how much interest you'll pay along the way. Compare the cost of paying only the minimum vs. a fixed monthly payment.
What you'll need
- • Current balance
- • APR
- • Monthly payment
How it works
- 1. Enter your current balance and the card's APR.
- 2. Pick a fixed monthly payment you can afford.
- 3. Review months to payoff and total interest.
Worked example
A $5,000 balance at 22% APR paid down at $200/month takes about 33 months and costs about $1,560 in interest.
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Credit Card Payoff Calculator FAQ
What is the Credit Card Payoff Calculator?
The Credit Card Payoff Calculator is a free online tool that helps you estimate credit card payoff time and total interest with fixed monthly payments.
How do I use the Credit Card Payoff Calculator?
Open the Credit Card Payoff Calculator, enter the requested values, and review the instant estimate on the page.
Is the Credit Card Payoff Calculator free?
Yes. The Credit Card Payoff Calculator is free to use on Fast Online Calculator and does not require an account.
Why is the minimum payment so expensive?
Minimum payments often only cover interest plus 1% of the balance, stretching payoff over many years and tripling total cost.
Should I use a balance transfer?
A 0% balance-transfer card can save significant interest, as long as you pay off the balance before the promo period ends.
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