Find out how many months it takes to pay off a credit card, how much interest you will pay, and what monthly payment clears it by your target date.
By TanLabs · Formulas cross-checked against the free spreadsheet · Updated 2026-10-31 · Runs in your browser – nothing you type is sent anywhere
With card balance $5,000, APR 22.9%, monthly payment $200, target payoff 24 months, card minimum: interest + share of balance 1%:
Debt-free in 35 months (2.9 years)
Total interest: $1,860 · Payment needed to finish in 24 months: $262/mo · Minimum payments only (interest + 1%, $25 floor): 232 months, interest $8,454
Change any number above – the result, chart and table update instantly. Use Copy link to save or share your exact scenario.
Each month: interest = balance × APR ÷ 12; balance = balance + interest − payment. Payment for a target of N months = B·r ÷ (1 − (1+r)^−N), r = APR ÷ 12.
Same $5,000 balance at 22.9% APR, no new purchases:
| Payment | Time to pay off | Total interest | Total paid |
|---|---|---|---|
| $100/mo | 164 months (13.7 yrs) | $11,308 | $16,308 |
| Minimum only: interest + 1% (starts $145, then shrinks) | 232 months (19.3 yrs) | $8,454 | $13,454 |
| $150/mo | 54 months (4.5 yrs) | $3,022 | $8,022 |
| $200/mo | 35 months (2.9 yrs) | $1,860 | $6,860 |
| $300/mo | 21 months (1.8 yrs) | $1,076 | $6,076 |
| $500/mo | 12 months (1.0 yrs) | $602 | $5,602 |
The minimum starts near $145 but shrinks with the balance, so minimum-only paying drags on for about 19 years. Keeping a fixed $200 a month clears the same card in under 3 years and saves over $6,500 in interest.
Most of a minimum payment goes to interest. If your payment is only slightly above balance × APR ÷ 12, the balance falls very slowly.
It assumes a fixed APR, no new purchases and no fees. Your card statement is the final authority.
Use our debt snowball calculator to compare paying them in order of balance vs interest rate.
Card issuers usually use a percentage of the balance (often 1–3%, or 1% plus that month's interest) with a floor of about $25–$40. Your statement shows the exact rule and, under the US CARD Act, how long minimum-only payments would take.
A 0% transfer can save a lot if you clear the balance before the promo ends. Add the transfer fee (often 3–5%) to the balance and set the target months to the promo length.
Most people keep a small starter emergency fund (for example $1,000) so a surprise bill does not go back on the card, then put everything extra on the debt.
Sources: Consumer Financial Protection Bureau – credit cards