SnapCalc

Credit Card Payoff Calculator

Find out how long it will take to pay off your credit card and how much interest you will pay.

$

Your current credit card balance

%

Found on your credit card statement

$

How much you plan to pay each month

How many months you want to be debt-free in

How to Use This Calculator

1. Enter your balance — the amount you currently owe 2. Enter your APR — found on your credit card statement or online account 3. Choose a strategy:

  • Fixed Monthly Payment — enter what you can afford and see how long it takes
  • Pay Off In X Months — set a deadline and see the required payment
    • 4. Click Calculate to see your payoff timeline and total interest

    Tips to Pay Off Faster:

  • Even an extra $20–50/month can save hundreds in interest
  • Avoid making new charges while paying off the balance
  • Consider a balance transfer to a 0% APR card to reduce interest

    • Formula

    Months = -log(1 - (r × Balance / Payment)) / log(1 + r) | Required Payment = (r × Balance) / (1 − (1+r)^−n)

    Frequently Asked Questions

    How is credit card interest calculated?

    Credit card interest is calculated daily. Your APR is divided by 365 to get the daily rate, which is applied to your balance each day. This compounds over the month, which is why carrying a balance is so costly.

    What happens if I only make minimum payments?

    Minimum payments are usually 1–3% of your balance. On a $5,000 balance at 25% APR, paying only the minimum could take over 20 years and cost more than $7,000 in interest.

    What is a good APR for a credit card?

    The average credit card APR in the US is around 20–27%. Anything below 20% is considered good. If your APR is high, look into balance transfer cards with 0% intro periods.

    Should I pay off credit cards before investing?

    If your APR is above 7–10%, paying off the debt first typically gives a better "return" than investing, since you're eliminating a guaranteed high-interest cost.

    Is this calculator free?

    Yes, 100% free. No signup required.

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