Credit Card Payoff Calculator

Q: How long will it take to pay off my credit card?

It depends on the payment relative to the interest. A $6,000 balance at 22% APR paid at $200/month takes about 44 months and roughly $2,700 in interest. Doubling the payment to $400 cuts it to 17 months and about $1,000 of interest.

Q: Why do minimum payments take so long?

Minimums are typically set around 2%-3% of the balance — barely above the monthly interest charge. Almost nothing reduces principal, so payoff can stretch to decades. Paying any fixed amount above the minimum breaks that cycle.

Q: Is a balance transfer worth it?

A 0% intro APR transfer can save substantial interest if you can clear the balance within the promo window (typically 12-21 months) and the 3%-5% transfer fee is less than the interest saved. The risk is carrying a balance past the promo at a higher rate.

Find out exactly when you'll be debt-free — and what the interest really costs — at any monthly payment. Or flip it: set a payoff date and get the required payment.

Debt-free in

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Total interest paid

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First month's interest

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How credit card interest works

Card interest compounds against you monthly (technically daily on most cards). Each month you're charged roughly:

Monthly interest ≈ Balance × (APR ÷ 12)

At 22% APR, a $6,000 balance accrues about $110 in interest every month. Any payment below that number grows the debt; every dollar above it reduces principal.

Worked example — the power of doubling the payment

Balance $6,000 at 22% APR:

At $200/mo: debt-free in ~44 months, ≈ $2,700 interest

At $400/mo: debt-free in ~17 months, ≈ $1,000 interest — $1,700 saved and 2+ years of your life back.

Three ways out, ranked by interest saved

1. Pay a fixed amount above the minimum — even $50 extra changes the trajectory dramatically, because minimums are designed to barely cover interest. 2. Balance transfer to a 0% intro card — strong if you can finish inside the promo window and the 3–5% fee beats the interest saved. 3. Consolidate into a personal loan — swaps ~22% revolving debt for a ~12% fixed payment; run it through the consolidation calculator. If you're juggling several cards, order them with the snowball vs. avalanche calculator. And read our guide: Snowball vs. avalanche — which pays off debt faster?

Frequently asked questions

How long will it take to pay off my credit card?

$6,000 at 22% APR: about 44 months at $200/mo (≈$2,700 interest) or 17 months at $400/mo (≈$1,000 interest).

Why do minimum payments take so long?

Minimums (~2–3% of balance) barely exceed the interest charge, so principal shrinks glacially — sometimes over decades.

Is a balance transfer worth it?

Yes if you clear the balance within the 0% window and the 3–5% fee is less than the interest saved.

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Note: Uses monthly compounding at APR ÷ 12; card issuers' daily compounding yields slightly higher figures. Not financial advice. Last reviewed: July 2026.