Credit Card Payoff Calculator
Fixed monthly payments on credit card debt: see exactly how many months until you're debt-free and how much interest the bank collects along the way.
How it works
Each month: interest = balance × APR/12, then balance = balance + interest − payment, repeated until zero
- Minimum payments are designed to keep you in debt: at 22.9% APR, interest alone eats most of a small payment.
- If your payment is below the first month's interest, the balance grows forever — the calculator flags this instead of looping forever.
- Rounding the payment up even slightly can cut months off the payoff.
FAQ
What's a good monthly payment for $8,000 at 22.9%? The minimum interest is about $152/month. Paying $300 takes roughly 3 years; paying $500 cuts it under 2 years and saves thousands.
Does this assume I stop using the card? Yes — no new spending is modeled. Add new spending to the balance manually if needed.
Would a balance transfer help? If the transfer APR is lower, yes — model it by entering the lower APR and adding any transfer fee to the balance.