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.

Q: Does adding new charges affect my payoff timeline?

Yes. This calculator assumes no new charges are added to the balance during payoff. Continuing to use the card while paying it down extends both the payoff timeline and the total interest paid beyond this estimate.

Q: Is it better to pay off cards or build an emergency fund first?

Most financial planners suggest building a small starter emergency fund of about $1,000 first, then aggressively paying down high-interest credit card debt, then building the emergency fund up to a full 3-6 months of expenses.

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.

Written by the Calculator Index team · Formula: monthly compounding at APR ÷ 12 · Last reviewed August 2026

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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?

Common mistakes when paying off card debt

Paying only the minimum. Minimums are engineered around 2–3% of the balance, barely above the interest charge, so the debt can persist for decades — see the formula above for why any fixed extra amount changes the math dramatically.
Continuing to use the card while paying it down. New charges undo payoff progress in real time; treating the card as unavailable during payoff (or freezing it) keeps the balance actually shrinking.
Missing the balance transfer promo window. A 0% intro rate is only valuable if the balance is cleared before it expires — carrying a remainder into the standard rate can erase the savings and add a transfer fee on top.
Not comparing to a fixed-rate alternative. Revolving card debt at 20%+ APR is often more expensive than a fixed personal loan — always check the consolidation math before assuming the card is your only option.

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.

Does adding new charges affect my payoff timeline?

Yes — this calculator assumes no new charges are added to the balance. Continuing to use the card during payoff extends the timeline and interest cost beyond what's shown here.

Is it better to pay off cards or build an emergency fund first?

Most planners suggest a small starter emergency fund first (around $1,000), then aggressively paying down high-interest card debt, then building the fund back up to 3–6 months of expenses — see the emergency fund calculator.

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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.