A walkthrough, end to end.
- 1
Enter the balance, APR, and the monthly payment you can commit to.
- 2
The calculator returns the months to payoff and the total interest you'll pay along the way.
- 3
Try doubling your payment to see how dramatically it shortens the timeline.
Payoff math (solve for time)
Given a balance B, monthly rate r, and fixed monthly payment PMT, the months to payoff is solved from the present-value annuity formula. If PMT ≤ B·r (the monthly interest charge), the balance never goes down — minimum payments on high-rate cards routinely fall here.
What you can do with this.
Minimum payment trap
Many cards set minimum at 1% of balance + interest. On $5,000 at 24% APR, that's ~$150/mo — and takes ~30 years to pay off, with $7,000+ in interest. Always pay more than the minimum.
Pay double the minimum
Same $5,000 balance at 24% APR with $300/mo (double the typical minimum): 22 months to payoff, ~$1,300 interest. The leverage of paying any amount above minimum is enormous.
Balance transfer math
0% intro APR balance transfers (15–21 months typical) save substantial interest. Subtract the 3–5% transfer fee from interest saved. Aggressive payoff during the intro period is the goal.
Avalanche vs. snowball for one card
If you have only one card, the strategy doesn't matter. Across multiple cards, avalanche (highest APR first) saves the most money; snowball (smallest balance first) provides faster psychological wins.
Stop using the card
Adding new charges while paying down extends the timeline forever. Lock the card or freeze it during a payoff sprint. Cash or debit only until balance is zero.
Hardship programs
Most major issuers offer hardship programs — temporarily lowering APR (often to 0–9%) for 6–12 months. Worth a phone call if you're struggling. Won't show on credit report as a negative.
Debt consolidation alternative
A personal loan at 8–12% APR replaces $5K at 24% with a fixed payoff schedule. Often the right move for borrowers with prime credit who can't qualify for a 0% balance transfer.
Credit card payoff 2026 — what's current
Average credit card APR hit 22.8% in early 2026 (Federal Reserve). Carrying a balance is increasingly expensive — if you can't pay in full, prioritize the card with the highest APR for accelerated payoff.
Frequently asked.
No — paying at least minimum on time is what credit scoring rewards. But carrying high balances does hurt utilization (a major factor in scores). Pay above minimum when possible.
Generally no — it shortens credit history and lowers total available credit (raising utilization on remaining cards). Keep it open with a small recurring charge auto-paid in full.
APR is the yearly rate. Daily interest rate = APR / 365 (or 360 on some cards). The calculator uses monthly compounding which matches most US card statements within ~$1.
No. Calculations run entirely in your browser.