Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card or what monthly payment you need
Payoff Results
Time to Payoff
4 years 3 months
51 monthly payments
Total Paid
$7,650.00
Principal + Interest
Total Interest
$2,650.00
53% of original balance
Payoff Date
August 2028
Payment Results
Monthly Payment
$183.00
To pay off in 3 years
Total Paid
$6,588.00
Principal + Interest
Total Interest
$1,588.00
31.8% of original balance
Interest Savings
$1,062.00
Compared to minimum payments
Sample Repayment Plan
| Year | Starting Balance | Interest Paid | Principal Paid | Ending Balance |
|---|---|---|---|---|
| 2024 | $5,000.00 | $850.00 | $1,250.00 | $3,750.00 |
| 2025 | $3,750.00 | $637.50 | $1,462.50 | $2,287.50 |
| 2026 | $2,287.50 | $388.88 | $1,711.12 | $576.38 |
| 2027 | $576.38 | $97.98 | $576.38 | $0.00 |
| Total | – | $1,974.36 | $5,000.00 | – |
About Credit Card Debt
Credit card debt can quickly become overwhelming due to high interest rates. Our calculator helps you understand how long it will take to become debt-free and how much interest you’ll pay based on your current payment strategy.
Debt Payoff Strategies
- Avalanche Method: Pay off cards with highest interest rates first
- Snowball Method: Pay off smallest balances first for motivation
- Make more than the minimum payment whenever possible
- Consider balance transfers to lower interest cards
- Negotiate with creditors for lower interest rates
Reducing Credit Card Interest
- Pay your bill early to reduce average daily balance
- Set up automatic payments to avoid late fees
- Use windfalls (tax refunds, bonuses) to pay down debt
- Cut expenses and redirect savings to debt repayment
- Consider debt consolidation loans for high-interest cards