Credit card interest is expensive, and minimum payments are designed to keep you in debt for years. Use this calculator to see how long your plan will take, how much it costs, and how much you save versus paying the minimum.
How to use this calculator
- Enter your balance and the card's APR.
- Choose whether you want to pay a fixed amount each month or be debt-free by a deadline.
- See the payoff date, the total interest and how your plan compares with minimum payments.
How it's calculated
Each month, interest of balance × APR ÷ 12 is added and your payment is subtracted. With a fixed payment M, the number of months is:
n = −ln(1 − B × r ÷ M) ÷ ln(1 + r)
If your payment is no bigger than the monthly interest, the balance never falls.
Example: $6,000 at 22% APR paid at $250 a month is cleared in 32 months, with about $1,980 of interest.
Frequently asked questions
Avalanche or snowball: which method is better?
The avalanche method (paying the highest-interest debt first) saves the most money. The snowball method (smallest balance first) gives quicker wins that help some people stay motivated. Either beats paying minimums.
Does a balance transfer help?
A 0% balance transfer card can save a lot of interest if you clear the balance before the promotional period ends. Watch for transfer fees (often 3–5%) and the rate after the promo.
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Estimates for general information only, not financial advice. See how we calculate.