Credit Card Payoff Calculator
Find out when you'll be debt-free at your monthly payment, or what you need to pay to clear the card by a date, and how much interest you save over minimum payments.
Paying off $5,000 at 22% APR
| Monthly payment | Months | Total interest |
|---|---|---|
| $100 | 137 | $8,678 |
| $150 | 52 | $2,798 |
| $200 | 34 | $1,750 |
| $300 | 21 | $1,022 |
| $500 | 12 | $574 |
| Minimum only | 230 | $8,100 |
Avalanche vs snowball
With several cards, the avalanche method (extra money to the highest APR first) costs the least interest. The snowball method (smallest balance first) gives quicker wins that help some people stay motivated. Either beats minimum payments. A 0% balance transfer card can also help if you can clear the balance before the promotional period ends; transfer fees are usually 3–5%.
Frequently asked questions
How long will it take to pay off $5,000 on a credit card?
At 22% APR, about 34 months paying $200 a month, with around $1,750 in interest. Paying only a typical minimum (1% of the balance plus interest) takes about 19 years and costs over $8,000 in interest.
How is credit card interest calculated?
Most cards charge interest daily on your average daily balance at APR ÷ 365. This calculator uses APR ÷ 12 monthly, which gives very close results.
Does paying more than the minimum help my credit score?
Lowering your balance reduces your credit utilization (balance ÷ limit), one of the biggest scoring factors. Keeping utilization under 30%, and ideally under 10%, helps.