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Credit Card Payoff Calculator

A credit card payoff calculator estimates how long it takes to clear a card balance and how much interest you pay. Enter the balance, APR, and minimum payment rule to see the payoff timeline.

By the Personalloaned Editorial Team · Last updated 2026-09-16

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Method

How this calculator works

Credit cards charge interest on the balance you carry, and the minimum payment is usually a small percentage of that balance. Paying only the minimum can keep you in debt for years.

Each month the calculator:

  1. Charges interest = balance * annual rate / 12 / 100.
  2. Sets the payment to the larger of a percentage of the balance or a fixed floor, capped at the full balance.
  3. Subtracts the payment minus interest from the balance.

If the payment is smaller than the interest charge, the balance never falls and the calculator reports that the debt does not pay off.

Issuers set their own minimum-payment rules, so use the percentage and floor from your card agreement.

Common questions

Frequently asked questions

How is a credit card minimum payment set?
Issuers typically set the minimum as a percentage of the balance or a fixed dollar floor, whichever is larger. Check your card agreement for the exact rule.
Why does paying only the minimum take so long?
The minimum is small, so most of it covers interest and only a little reduces the balance. A small reduction means interest stays high next month.
What happens if my payment is below the interest charge?
The balance grows instead of shrinking, so the debt never pays off. The calculator reports no payoff time in that case.
Would a balance transfer help?
A lower promotional rate can reduce interest while it lasts, but transfer fees and the rate after the promotion matter. Compare the full cost before transferring.

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