Enter your balance, APR and the amount you can pay each month — the calculator shows exactly how many months until you’re debt-free, the total interest you’ll pay, and a month-by-month payoff chart. Then raise the payment and watch both numbers shrink.
How Credit Card Interest Works
Each month, interest of i × B (monthly rate times balance) is added before your payment is applied. The formula solves for n, the months until the balance reaches zero at a fixed payment. If your payment doesn’t even cover the monthly interest, the balance grows forever — the calculator warns you when that happens.
Worked Example
A $6,000 balance at 22% APR with $250/month payments takes about 32 months to clear and costs roughly $2,000 in interest. Bump the payment to $400 and you’re done in about 18 months with under $1,100 of interest — the extra $150/month saves you nearly a year and about $900.
Frequently Asked Questions
Why does paying only the minimum take so long?
Minimum payments are set barely above the monthly interest charge, so almost nothing reduces principal. Even modest extra payments cut years off the payoff.
Should I pay off my card or save first?
Card APRs are usually far higher than any guaranteed savings return, so paying down the card is typically the better move — after setting aside a small emergency buffer.
What is the avalanche method?
Pay minimums on all cards and put every extra dollar toward the highest-APR card first. It minimizes total interest across all your debts.