Enter one credit card's balance and APR. Choose a monthly payment to see how long the card takes to clear, or pick a payoff date to see the payment that gets you there. Results include total interest, a principal-versus-interest split, and a month-by-month schedule. For several cards sharing one budget, use the Credit Card Payoff Calculator instead.
One card vs several cards
| You have | Use |
|---|---|
| One statement balance and a monthly amount (or a target date) | This calculator |
| Several cards and one monthly budget | Credit Card Payoff Calculator |
| Cards plus auto / student / other debts | Debt Payoff Calculator |
Examples
$8,000 at 18% · $200 a month
The default card takes 5 years and 2 months to clear if you pay $200 every month and stop charging it. Total payments are about $12,308.61, of which $4,308.61 is interest — more than half a year of extra payments just to cover interest. $200 happens to equal interest + 1% of this balance, a common minimum-payment rule.
Same card · pay it off in 2 years
To finish in 24 months you need about $399.39 a month. Interest drops to about $1,585.43 — roughly $2,700 less than the $200 plan — because the balance spends less time compounding.
Same card · 2% of the balance
A flat 2% minimum on $8,000 is $160 a month. That stretches the payoff to 7 years and 10 months and about $6,897.77 of interest. Paying only the typical minimum is how revolving balances linger.
Formula
Each month, interest is added at the monthly rate, then the payment is applied. For a balance P, annual rate R (percent), and monthly payment M:
r = R / 12 / 100
n = −ln(1 − r × P / M) / ln(1 + r)
total interest = n × M − P
monthly payment for n months = P × r / (1 − (1 + r)^(−n))
n is the exact (often fractional) number of months. The headline payoff time rounds that up to a whole month; interest keeps the fractional last payment so the published totals match.
Minimum-payment scenarios on this page:
| Rule | Payment |
|---|---|
| Interest + 1% of balance | P × r + 0.01 × P |
| 2% / 3% / 4% / 5% of balance | k% × P (interest is not added) |
| Floor | $15, or the full balance if you owe less than $15 |
A payment that only covers interest — or less — never reduces principal. On an $8,000 balance at 18%, the first month's interest is $120, so the monthly amount has to be larger than that.
Statement differences
Actual cards often use a daily periodic rate and average daily balance, can have multiple APRs, and may add fees or new transactions. This calculator uses one balance, one fixed APR, monthly compounding, and no new charges. Copy the statement balance, APR, and minimum for a closer planning scenario.