Legacy Investing CalculatorsShow

Credit card payoff

How long will repayment take and what will interest cost?

Your numbers

$
%
$

Time to payoff

2 yrs 6 mo

Total interest$1,984
Total paid$8,184
Interest as share of balance32.0%

Tip. If your payment sits near the interest-only amount, payoff time explodes for a small change.

Assumptions

  • Interest posts monthly at APR ÷ 12, then the fixed payment is applied.
  • No new charges, no promotional rate, and no annual or late fees.
  • A payment at or below the monthly interest never clears the balance.

Explore the numbers

Examples and charts

Start with a scenario, then read the response curve to see which input actually moves the answer.

Example 1

Slow grind

A payment barely above the interest charge, so most of it never touches principal.

Months to payoff

57 months

Example 2

Steady payoff

A realistic fixed payment well above the statement minimum.

Months to payoff

30 months

Example 3

Aggressive payoff

Double the payment and watch total interest fall by far more than half.

Months to payoff

13 months

Sweeps monthly payment from half to one and a half times your value, holding everything else fixed.

Response curve

How monthly payment moves the result

Months to payoff

30 months

20 mo40 mo60 mo80 mo100 mo$150$200$250$300$350$400
Chart axis: Monthly paymentNow $275 → 30 mo

Timeline

Balance and interest paid until the card clears
$0$2.0k$4.0k$6.0kNowM15M30
  • Remaining balance
  • Interest paid so far

What this calculates

Projects how long a fixed monthly payment takes to clear a revolving balance and how much interest you pay on the way. The response curve is the point: payoff time rises gently as the payment falls, then goes vertical as it approaches the interest-only amount.

How to use it

  1. Start with balance and work down the form, or load an example to begin from a realistic case.
  2. Read the headline result alongside the supporting rows, which show the intermediate figures behind it.
  3. Check the assumptions. They decide what the number includes and, more importantly, what it leaves out.
  4. Sweep monthly payment on the response curve to see how much it actually moves the answer.
  5. Run a cautious case as well as an optimistic one before using the estimate in a decision.

Common mistakes

  • Entering the statement minimum and expecting a short payoff.
  • Ignoring that new purchases restart the clock.
  • Missing a promotional rate expiry date, which can move the APR by 20 points overnight.

Formula

Each month: interest = balance × APR/12; balance ← balance + interest − payment

Inputs

  • Balance
  • APR (%)
  • Monthly payment

FAQ

Why does it say payoff is not reachable?

Your payment is at or below the monthly interest, so the balance never falls. The result panel shows what that interest charge is so you know the floor.

Does this include new charges?

No. It assumes you stop using the card while paying it down. Every new purchase resets the timeline.

Why does my card's statement show a different payoff figure?

Card statements project the minimum payment, which shrinks as the balance falls. This page holds your payment fixed, which is faster and is what most payoff plans assume.

Should I pay this off before investing?

A 22% APR is a guaranteed 22% return for paying it down, which almost nothing in a portfolio reliably beats. The usual exception is capturing an employer retirement match first.

Are these numbers financial advice?

No. They are educational estimates based on the inputs and assumptions on this page. Confirm important decisions with a qualified professional and your own documents.

Read the full guideHow to pay off credit card debt

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