Calculate exactly how long it will take to pay off your credit card debt and how much you can save with extra payments. 100% free calculator with instant results.
Start CalculatingOur free credit card payoff calculator helps you understand exactly how long it will take to pay off your credit card debt and how much interest you'll pay. Here's how to get the most accurate results:
The calculator shows you two scenarios:
Credit cards have high interest rates, typically 15-25% APR. When you only make minimum payments, most of your payment goes toward interest, not the principal balance. Even small extra payments can:
Transfer high-interest credit card debt to a card with 0% introductory APR (typically 12-21 months). Pay off the entire balance during the promotional period to avoid deferred interest charges. Factor in balance transfer fees (usually 3-5%) when calculating savings.
Credit card companies calculate minimum payments as 1-3% of your balance. At this rate, it can take 20+ years to pay off debt and cost thousands in interest. Our calculator shows you exactly how much time and money you save by paying more than the minimum.
Paying down credit cards improves your credit utilization ratio (balance ÷ credit limit). Keeping utilization below 30% (ideally under 10%) can significantly boost your credit score, qualifying you for better rates on future loans.
If you're struggling with credit card debt, consider these options:
Our calculator uses standard financial formulas used by banks and financial institutions. It assumes fixed interest rates and consistent payments, providing accurate estimates for planning purposes.
Generally, pay off high-interest credit card debt before saving, since credit card interest rates (15-25%) are typically higher than savings account returns. However, maintain a small emergency fund for unexpected expenses.
Credit cards often have variable interest rates that can change. If your rate changes significantly, recalculate your payoff plan using the new rate.
Yes! Unlike some loans, credit cards have no prepayment penalties. You can pay them off as fast as you want without any additional fees.