Credit Card Payoff Calculator

Created by Bogna Szyk
Last updated: Dec 02, 2020

This credit card payoff calculator is an uncomplicated, yet useful tool for managing your credit card debt. With its help, you will be able to 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 that 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 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 charged by the credit card issuer, expressed as a percentage of your initial debt.
  • Monthly payment. This value describes how much you can afford to allocate each month towards paying off your credit card. Remember that credit card issuers always set a minimum monthly payment.

After you've chosen these values, the credit card payoff calculator will automatically find out how many months will it take until you are debt-free.

The calculator displays an additional value - the total paid that shows what is 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.

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 stands for monthly payment,
  • R is the interest rate,
  • CCB is the initial credit card balance,
  • T is the 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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