Credit Card Payoff Calculator
Enter your credit card balance, interest rate, and monthly payment to see how long until you're debt-free and how much interest you'll pay.
Free Credit Card Payoff Calculator
The SmarterSources Credit Card Payoff Calculator shows you exactly how long it will take to pay off your credit card debt and how much interest you'll pay. Enter your current balance, APR, and monthly payment amount to see the full picture.
How Credit Card Interest Works
Credit card interest is calculated daily on your outstanding balance using your APR divided by 365. Each month, a portion of your payment goes toward interest and the rest reduces your principal. With high APRs (18-25%+), minimum payments can mean decades of repayment and thousands in interest.
Strategies to Pay Off Credit Cards Faster
Pay more than the minimum. Even an extra $50/month can save years. Use the avalanche method: pay minimums on all cards and put extra money toward the highest-APR card first. Consider balance transfers: a 0% APR promotional offer lets 100% of payments go to principal.
Frequently Asked Questions
How long will it take to pay off my credit card?
It depends on your balance, APR, and payment. A $5,000 balance at 20% APR with $150/month payments takes about 44 months and costs $1,556 in interest.
Why do minimum payments take so long?
Minimum payments are typically 1-3% of the balance, mostly covering interest. Very little goes toward the principal, extending repayment to 15-30+ years on large balances.
Is my data safe?
Yes. This calculator runs entirely in your browser. No financial data is sent anywhere.