Credit Card Payoff Calculator — Time & Interest
Enter the balance, the card’s APR, and what you can pay each month. CalcWize works out how many months until the card is clear, the total interest you’ll pay, and what share of your payments is interest rather than principal.
How we calculate it
Each month, interest is charged on the balance (APR ÷ 12) and your payment is subtracted. The calculator repeats until the balance reaches zero, summing the interest along the way. If the payment is below the first month’s interest, the balance never falls and it flags “never”.
Why minimum payments are a trap
Minimum payments are set low — often just above the interest — so most of the payment barely touches the balance. A card paid at the minimum can take a decade or more and cost more in interest than the original purchases.
The payment has to beat the interest
If your monthly payment is less than the interest charged that month, the balance grows no matter how long you pay. The calculator flags this — the fix is always to pay more than the monthly interest, ideally a lot more.
A worked example
A $5,000 balance at 21% APR paid at $200 a month clears in about 32 months with roughly $1,400 in interest. Raise the payment to $300 and it’s gone in under 19 months with far less interest — every extra dollar goes straight at the principal.
Common mistakes
Paying the minimum and assuming you’re making progress; adding new spending to the card while paying it down; and chasing rewards on a card you carry a balance on — the interest dwarfs any cashback.
Frequently asked questions
- Why does my balance barely move?
- Because the minimum payment is mostly interest. On a high-APR card, paying the minimum can take a decade and cost more than the original purchases. A fixed, higher payment is what clears it.
- What if I can only pay the minimum?
- Then the balance falls very slowly and interest piles up. Even a small fixed amount above the minimum dramatically shortens the payoff — the calculator shows by how much.
- Should I clear the card before saving?
- High-interest card debt usually beats almost any savings return, so clearing it is one of the best “returns” available — after setting aside a small emergency buffer.
What it doesn't do
- Multiple cards or debts (use the Debt Payoff calculator)
- Promotional 0% / balance-transfer periods
- Cards where the rate changes during payoff
Last reviewed: 2026-05