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Credit Card Payoff Calculator

Created by Bogna Szyk
Reviewed by Steven Wooding
Last updated: Dec 19, 2023

This credit card payoff calculator is an uncomplicated yet helpful tool for managing your credit card debt. With its help, you can calculate how much time you need to be completely debt-free. You can also use this calculator to determine the monthly credit card payments.

If you also happen to have another loan – for instance, secured on your house – head straight to our mortgage calculator.

How long to pay off a credit card?

The first question you can answer with the help of this calculator is: how long will it take me to pay off my credit card debt?

To find an answer to that question, you have to input the following values into our credit card payment calculator:

  • Credit card balance. This value is the sum of the charges you owe to the credit card company. If you don't know what your balance is, check your most recent credit card statement.

  • Interest rate (APR). APR stands for annual percentage rate. It is the amount the credit card issuer charges, expressed as a percentage of your initial debt (see percentage calculator).

  • Monthly payment. This value describes how much you can afford to allocate each month toward paying off your credit card. Remember that the credit card issuer always sets a minimum monthly payment (see credit card minimum payment calculator).

After choosing these values, the credit card payoff calculator will automatically find out how many months it will take until you are debt-free (see month calculator).

The calculator displays an additional value – the total paid figure shows the sum of all payments that you'll make. You can probably notice that the longer it takes to pay off your credit card, the higher the total paid becomes.

⚠️ If the calculator doesn't show an answer for how long it will take to pay off your credit card, try increasing your monthly payment.

🙋 Did you know that credit card numbers are not entirely random? They are generated to pass a Luhn validation test. Check our Luhn algorithm calculator to learn more!

Determining the monthly credit card payment

You can also use our credit card payoff calculator to perform a reverse calculation. Instead of calculating the payoff time, you can choose it arbitrarily and answer a different question: what monthly payments do I need to make to pay off my card by a specific time?

In order to determine the value of a monthly payment, our calculator uses the following formula:

  • P = R × CCB / (1 - (1 + R)-T),


  • P – Monthly payment;
  • R – Interest rate;
  • CCB – Initial credit card balance; and
  • T – Number of months until the debt is paid.
Bogna Szyk
Credit card balance
Interest rate (APR)
Monthly payment
Paid off after
Total paid
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