See how long it will take to pay off a credit card balance at a fixed monthly payment, and how much interest you will pay along the way.
| Total interest paid | – |
| Total paid | – |
| Minimum payment needed to ever pay it off | – |
How it works
Each month, interest is added to the balance at the monthly rate (APR ÷ 12), then your payment is subtracted. The calculator repeats this month by month until the balance reaches zero, adding up the total interest paid. If your payment does not cover a month’s interest, the balance will never go down, so the tool warns you and shows the minimum payment needed just to stop it growing.
Example
A 3,000 balance at 22% APR with 150 a month takes about 26 months (2.2 years) and costs roughly 643 in interest.
Frequently asked questions
Why does a small payment mean I never pay it off?
If your payment is less than that month’s interest charge, the balance grows instead of shrinking.
Does this use my card’s exact minimum payment formula?
No. It assumes you pay the same fixed amount every month, which usually clears debt faster than paying only the card’s minimum.
How can I pay it off faster?
Increase your monthly payment, or look at balance transfer or debt consolidation options and compare their total cost.
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This calculator gives estimates for information only and is not financial advice.