Credit Card Payoff Calculator
Find out exactly how many months it will take to pay off your credit card balance given your APR, monthly payment, and any new charges you continue adding each month.
About this calculator
This calculator uses the standard loan payoff formula adapted for revolving credit. The number of months to payoff is: months = -log(1 - ((balance × r + newCharges - payment) / payment)) / log(1 + r), where r = APR / 12 / 100. If your monthly payment is less than or equal to the interest accrued plus new charges, the balance will never decrease — the calculator flags this as unresolvable. The formula accounts for compounding interest applied each month before your payment posts, meaning a higher payment dramatically reduces total months and total interest paid. Even a small increase above the minimum payment can cut years off your timeline.
How to use
Suppose you carry a $4,500 balance at 22% APR, pay $150/month, and add $0 in new charges. Here r = 22/100/12 ≈ 0.01833. Plugging in: months = -log(1 - ((4500 × 0.01833 + 0 - 150) / 150)) / log(1 + 0.01833) = -log(1 - (82.50 - 150)/150) / log(1.01833) = -log(1 + 0.45) / 0.01817 ≈ -0.3716 / 0.01817 ≈ 37 months (about 3 years and 1 month). Increasing the payment to $200 would cut that to roughly 27 months.
Frequently asked questions
What happens if my monthly payment is less than the monthly interest charge?
If your payment does not exceed the interest that accrues in a single month plus any new charges you add, your balance will grow every month instead of shrinking. This calculator returns a warning in that scenario rather than a misleading number. To make progress, your payment must exceed balance × (APR/12/100) plus any new monthly charges. Cutting new charges or increasing your payment — even by $20 — can break this cycle.
How does adding new monthly charges affect my credit card payoff timeline?
Every dollar of new charges you add each month is treated as additional principal before your payment is applied. Even modest ongoing spending — say $50/month — can add many months to your payoff timeline. For example, on a $3,000 balance at 20% APR with a $100 payment, zero new charges yields payoff in about 40 months; adding $50/month in new charges extends that to over 80 months. The most effective strategy is to stop using the card while paying it down.
How much faster can I pay off credit card debt by increasing my monthly payment?
Increasing your monthly payment has a disproportionately large effect because interest compounds on the remaining balance. On a $5,000 balance at 20% APR, paying $100/month takes about 94 months and costs roughly $4,400 in interest. Doubling the payment to $200/month cuts the timeline to 32 months and saves over $3,000 in interest. The relationship is non-linear: each extra dollar applied early eliminates future interest on that dollar for every remaining month.