Personal Finance
Credit Card Payoff Calculator
Minimum payments are designed to keep you paying for decades. See exactly what your payment level buys you.
Credit-card payoff time follows the formula n = −log(1 − r × b ÷ p) ÷ log(1 + r), where b is the balance, p the monthly payment, and r the monthly interest rate. Minimum payments can stretch a balance for decades.
Formula: n = −log(1−rb/p)/log(1+r).
Min payments = decades of interest.
Doubling the payment more than halves the time.
Calculate Your Credit Card Payoff
Time to Payoff
What Is Credit Card Payoff?
Credit cards charge among the highest interest rates in consumer finance, 20–30% APR is typical for carried balances. The payoff formula shows how payment size translates into months of debt.
Because interest accrues monthly on the remaining balance, the relationship is nonlinear: doubling the payment cuts the timeline by more than half.
How It Is Calculated
n = −log(1 − r·b/p) ÷ log(1 + r)
Example: Example: $6,000 at 22% APR, $200/month → ≈ 38 months, ≈ $1,590 interest
$6,000 at 22%, payment vs outcome
| Payment | Months | Total interest |
|---|---|---|
| $150 (near min) | 60 | $3,000 |
| $200 | 38 | $1,590 |
| $300 | 24 | $1,050 |
| $500 | 14 | $640 |
Limitations
- Assumes no new purchases and a fixed APR.
- Promotional 0% periods change the math.
- Late fees and over-limit charges add to the balance.
Sources & Review
References used for this calculator’s formulas and thresholds:
Credit Card Payoff FAQ
How long to pay off $6,000 at 22% paying $200/month?
About 38 months, with ≈ $1,590 in total interest.
Why do minimum payments take decades?
Minimums are often ~2% of balance, barely above interest, so principal barely moves. Raise the payment; every dollar goes further than it feels.
Should I pay debt or invest?
At 20%+ APR, paying the card is a guaranteed 20%+ return, better than nearly any investment. Match 401(k) first, then attack the card.
What about a balance transfer?
A 0% transfer can save hundreds if you pay it off within the promo window, otherwise the deferred interest bites.
A note before you begin: this tool offers educational estimates only. It cannot replace advice from a qualified professional.