Credit card payoff calculator: how long until this card is paid off?
For one card: its balance, its rate and what you plan to pay each month. You get the number of months to zero and the interest along the way.
The minimum payment trap: a free worksheet
Pay only the minimum on $3,000 at 22.36% and the card takes 180 months, about 15 years, to clear. Interest comes to about $4,515.
Keep paying the first minimum, $86, every month instead, and it is gone in 57 months.
Teachers and parents can use the minimum-payment trap worksheet (PDF): two pages for students and an answer key. It is free to share and adapt under CC BY 4.0 with credit to this site.
Pay it off with one loan instead
Michelle is our example, with $8,000 on a single card. Her 22.36% rate is the Federal Reserve’s average for cards that carried a balance in August 2026 (G.19).
A minimum payment is built to stretch. MyCreditUnion.gov gives an example of a $1,000 balance at 13%. The 2% minimum is $20, and most of it goes to interest.
Paying only the minimum of 1% plus interest, Michelle would need 278 months. She would pay $13,831 in interest.
One loan at the 11.9% bank average over three years is $265 a month. That is $25 more than she pays now.
The debt ends 17 months sooner and costs $3,065 less in interest. Call and the specialist compares that loan with your own cards.
Enter all your cards at once on the consolidation loan calculator to see them as one payment.
How this credit card payoff calculator figures it
Each month the card charges balance × yearly rate ÷ 12, then your payment comes off until the balance is gone. The minimum-payment line uses the common issuer formula of 1% of the balance plus that month’s interest, never under $25. The one-loan line uses a fixed payment at 11.9%, the Fed’s G.19 bank average for a 24-month personal loan, covering August. The default card rate is 22.36%, the Fed’s average for accounts charged interest.
With the credit card payoff calculator, $8,000 at 22.36% paid at $240 a month takes 53 months and costs $4,617 in interest. Raise the payment to $300 and the same card clears in 38 months with $3,163 in interest.
The first thing to do is call a specialist. Here are the options they walk you through. One three-year loan at the 11.9% bank average is $265 a month on that balance, and it ends on a set date.
Worked examples
- Michelle’s $8,000 at 22.36% paying $240 a month takes 53 months and $4,617 in interest. Minimums only (1% plus interest) take 278 months and $13,831 in interest.
- $3,500 at 29.99% paying $100 a month takes 85 months and $4,915 in interest. Minimums only (1% plus interest) take 209 months and $7,516 in interest.
- $15,000 at 24.99% paying $400 a month takes 74 months and $14,468 in interest. Minimums only (1% plus interest) take 345 months and $30,103 in interest.
About this calculator
What rate does the calculator start with?
It starts at 22.36%. That is the Federal Reserve’s average for cards that carried a balance in August 2026.
How long does $8,000 take to pay off at $240 a month?
At 22.36%, it takes 53 months. You pay $4,617 in interest along the way.
Why does paying only the minimum take so long?
Most of the payment goes to interest. In a MyCreditUnion.gov example, a $20 minimum on $1,000 at 13% mostly pays interest.
What would one loan cost instead?
At the 11.9% bank average over three years, $8,000 is $265 a month. The loan ends on a set date. Call and the specialist compares it with your cards.
Set an end date for your card
Your card keeps charging interest every month you carry the balance. At $240 a month, $8,000 at 22.36% costs $4,617 in interest over 53 months. Call now and a specialist goes through your cards for free and compares one loan that ends on a set date.