Credit Card Minimum Payment Payoff
How long a card balance takes to clear and what a target date would cost. The first month of interest is shown, because a payment below it means the balance never falls at all.
Also called: card payoff calculator, how long to pay off credit card.
22 months at 10,000 a month, costing $66,437.71 in interest on a 150,000 balance. To clear it in 0 months you would need $0.00 a month.
An estimate, not an offer or a guarantee. Projected returns assume the rate you entered holds for the whole term, which no market does.
This is what the calculation gives for the numbers you entered. It is an estimate, not advice, and it knows nothing about your situation beyond those numbers. Rules for United States change on a published schedule; the effective date is shown on every rule-based tool.
How this is calculated
The same reducing-balance arithmetic as any loan, at a much higher rate. Two things are worth seeing together: the months at your intended payment, and the payment needed to hit a date you choose. The gap between them is usually what makes the decision, and the first-month interest figure shows immediately whether a payment is even keeping up.
months = the period the payment needs to clear the balance at the card rate- B
- Balance (currency)
- E
- Monthly payment (currency)
- i
- Monthly rate (decimal)
Method and limits
What it assumes
- No new spending on the card and a constant rate.
What it deliberately does not model
- Fees, penalty rates after a missed payment, and promotional rates are not modelled.
Formula version 1.0.0 · definition 1.0.0 · United States · Report a problem with this calculator
Frequently asked questions
- Why does my balance barely move?
- Because most of the payment is going to interest. Compare your payment against the first-month interest figure on this page: if they are close, almost nothing is reducing the balance.