ECONOMY STUDIOCredit card payoff calculator
When your card will be paid off, and what it costs, compared with paying only the minimum. Starts at today's average card rate: 22.36%.
- Paid off by
- September 2029
- Total interest
- $1,793
- Total paid
- $6,793
Paying $200 a month, a $5,000 balance at 22.36% APR is paid off in 2 years 10 months, by September 2029.
You would pay $1,793 in interest, $6,793 in total.
Paying only the minimum, it would take 19 years 3 months and cost $8,241 in interest.
Ways to pay it off
| Plan | Monthly payment | Time to pay off | Total interest |
|---|---|---|---|
| Minimum payment only | $143 at first, shrinking | 19 years 3 months | $8,241 |
| Your $200 a month | $200 | 2 years 10 months | $1,793 |
| Debt-free in 12 months | $468.84 | 1 year | $626 |
| Debt-free in 24 months | $260.28 | 2 years | $1,247 |
| Debt-free in 36 months | $191.88 | 3 years | $1,908 |
How it works
Each month, interest is added at your APR ÷ 12, then your payment comes off. The table compares four plans for the same balance: the minimum only, your payment, and the fixed payment that clears the card in 12, 24 or 36 months.
Who earns that interest: how credit card companies make money.
Questions
How long will it take to pay off my credit card?
Enter your balance, your card's APR and what you can pay each month. The calculator shows the months to zero, the payoff date and the interest, and compares it with paying only the minimum.
What is the average credit card interest rate?
22.36% on accounts that were charged interest, in August 2026, according to the Federal Reserve. Your card's APR is on your statement.
Why does the minimum payment take so long?
Minimum payments shrink as the balance shrinks, and most of each one goes to interest at first. That stretches the debt out for years. The calculator uses a common minimum formula (1% of the balance plus that month's interest, at least $25); your card issuer's formula may differ.
Is the interest exact?
Close, not exact. Card issuers charge interest daily on the average balance; the calculator applies APR ÷ 12 each month and assumes no new purchases or fees.
Sources
- Federal Reserve, Consumer Credit (G.19)
- Credit card rate, accounts assessed interest (FRED TERMCBCCINTNS)
- CFPB, How is my minimum payment calculated?
Educational tool, not financial advice. Results are estimates from the numbers you enter; lenders and banks calculate in their own ways. Default rates update automatically from official data.