Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card debt and see how much interest you'll pay. Create a debt-free plan today.
Average credit card APR is around 20-25%
Time to Pay Off
4 years, 6 months
Total Interest
$3,100.00
Total Payment
$8,100.00
Payment Breakdown
Payoff Date
July 2030
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $150.00 | $54.21 | $95.79 | $4,945.79 |
| 2 | $150.00 | $55.25 | $94.75 | $4,890.54 |
| 3 | $150.00 | $56.31 | $93.69 | $4,834.24 |
| 4 | $150.00 | $57.38 | $92.62 | $4,776.86 |
| 5 | $150.00 | $58.48 | $91.52 | $4,718.37 |
| 6 | $150.00 | $59.60 | $90.40 | $4,658.77 |
| 7 | $150.00 | $60.75 | $89.25 | $4,598.02 |
| 8 | $150.00 | $61.91 | $88.09 | $4,536.11 |
| 9 | $150.00 | $63.10 | $86.90 | $4,473.02 |
| 10 | $150.00 | $64.30 | $85.70 | $4,408.71 |
| 11 | $150.00 | $65.54 | $84.46 | $4,343.18 |
| 12 | $150.00 | $66.79 | $83.21 | $4,276.38 |
| 13 | $150.00 | $68.07 | $81.93 | $4,208.31 |
| 14 | $150.00 | $69.38 | $80.62 | $4,138.94 |
| 15 | $150.00 | $70.70 | $79.30 | $4,068.23 |
| 16 | $150.00 | $72.06 | $77.94 | $3,996.17 |
| 17 | $150.00 | $73.44 | $76.56 | $3,922.73 |
| 18 | $150.00 | $74.85 | $75.15 | $3,847.89 |
| 19 | $150.00 | $76.28 | $73.72 | $3,771.60 |
| 20 | $150.00 | $77.74 | $72.26 | $3,693.86 |
| 21 | $150.00 | $79.23 | $70.77 | $3,614.63 |
| 22 | $150.00 | $80.75 | $69.25 | $3,533.88 |
| 23 | $150.00 | $82.30 | $67.70 | $3,451.58 |
| 24 | $150.00 | $83.87 | $66.13 | $3,367.71 |
| ... and 30 more months | ||||
Credit Card Payoff Strategies
Minimum payments are designed to keep you in debt longer. Even an extra $50-100 per month can save you thousands in interest and years of payments.
Consider a 0% APR balance transfer card. You'll pay a transfer fee (usually 3-5%), but could save significantly on interest if you pay off during the promotional period.
Pay minimums on all cards, then put extra money toward the card with the highest interest rate. This mathematically saves the most money on interest.
Pay off the smallest balance first for psychological wins. While you may pay more interest overall, the motivation from quick wins helps many people stay committed.