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Credit card payoff calculator

Enter your balance, APR, and monthly payment to see exactly when you'll be debt free, how much interest you'll pay, and what an extra payment each month would save you.

$6,000
22.9%
$250
$100
Debt free in
2 yr 9 mo
Total interest paid
$1,952
Total repaid
$7,952
Paying $100 extra each month
New payoff time
1 yr 9 mo
Interest saved
$629
Time saved
1 yr
Balance year by year
Year 1$4,192
Year 2$1,924
Year 3$0

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Payoff strategies

Snowball or avalanche?

If you're paying off more than one card, the order you attack them in changes both the cost and how motivated you stay.

Avalanche — cheapest

Pay minimums everywhere, then target the highest APR first. This minimises total interest and usually shortens the overall payoff timeline.

Snowball — most motivating

Clear the smallest balance first for a fast win, then roll that payment into the next card. Slightly more interest, but easier to stick with.

Credit card payoff FAQ

What is the debt avalanche method?
With the avalanche method you make minimum payments on every card and put every spare dollar toward the balance with the highest APR. Mathematically it is the cheapest strategy because you kill the most expensive interest first.
What is the debt snowball method?
The snowball method pays off the smallest balance first, regardless of interest rate. It costs slightly more in interest, but the quick wins keep many people motivated long enough to finish.
Why does paying only the minimum take so long?
Minimum payments are usually 1–3% of the balance, and most of that goes to interest. On a high-APR card the principal barely moves, which is why a fixed, higher monthly payment shortens the payoff timeline dramatically.
Does a balance transfer actually help?
A 0% intro APR balance transfer can help if you can clear most of the balance before the promo ends, and if the transfer fee (typically 3–5%) is less than the interest you would otherwise pay. Otherwise the deferred interest can leave you worse off.
Should I pay off debt or build savings first?
A common approach is to keep a small starter emergency fund so a surprise expense does not go back on the card, then throw everything else at high-interest debt. Credit card APRs almost always exceed what savings accounts pay.
Will paying off my card improve my credit score?
Usually yes. Lowering your balance reduces credit utilisation, which is a major scoring factor. Keeping the account open after payoff generally helps more than closing it.

These results are estimates for general information only and are not financial advice.

Planning ahead too? Try the compound interest calculator.