How long will it take to pay off my credit card?
Each month, interest is added to the balance and then your payment is subtracted. When the payment is only slightly larger than the interest, the balance shrinks slowly and payoff takes years. The bigger the gap between your payment and the monthly interest, the faster the balance falls.
The formula for the number of months is n = −ln(1 − B × r ÷ P) ÷ ln(1 + r), where B is the balance, r is the monthly rate and P is the payment. The calculator also builds the schedule month by month.
The formulas, and what every variable means
months to pay off: n = −ln(1 − B × r ÷ P) ÷ ln(1 + r)
payment needed for a target: P = B × r ÷ (1 − (1 + r)−n)
| Symbol | Meaning | How it is found |
|---|---|---|
| B | Your current balance | From your statement |
| r | Monthly interest rate | APR ÷ 12 ÷ 100 (22% becomes 0.018333) |
| P | The fixed amount you pay each month | Entered directly |
| n | Number of months to pay off | The result, rounded up to whole months |
| B × r | Interest charged in the first month | Your payment must be larger than this or the balance never falls |
Worked example 1, by hand: $6,000 at 22% with $250 a month
- Monthly rate: r = 22 ÷ 100 ÷ 12 = 0.018333.
- First month's interest: $6,000 × 0.018333 = $110.00. The payment is larger, so the balance will fall.
- Ratio: 1 − $110.00 ÷ $250 = 0.5600.
- Months: −ln(0.5600) ÷ ln(1 + 0.018333) = 0.5798 ÷ 0.018167 ≈ 31.9, which rounds up to 32 payments (2 years, 8 months).
- Total interest: about $1,979, so you pay $7,979 for a $6,000 balance.
Worked example 2: the minimum-payment trap
Many issuers set the minimum payment at the monthly interest plus about 1% of the balance, with a small dollar floor. We assume interest plus 1%, never less than $25. On the same $6,000 at 22%, the first payment is $170, and because the minimum shrinks as the balance shrinks, the loan drags on.
| Minimum payments only | Fixed $250 | |
|---|---|---|
| Time to pay off | 19 years, 11 months | 2 years, 8 months |
| Total interest | $9,469 | $1,979 |
| Total paid | $15,469 | $7,979 |
Paying only the minimum takes 17 years, 3 months longer and costs $7,490 more in interest. Your own card's minimum formula is on your statement, so check it.
Worked example 3: debt-free in 24 months
Choose the "Be debt-free by a certain time" option and the calculator solves the second formula. For $6,000 at 22% in 24 months you need $311.27 a month. Total interest would be $1,470, compared with $1,979 at $250 a month.
Worked example 4: what a bigger payment does
| Monthly payment | Time to pay off | Total interest |
|---|---|---|
| $200 | 3 years, 8 months | $2,791 |
| $250 | 2 years, 8 months | $1,979 |
| $300 | 2 years, 2 months | $1,543 |
| $400 | 1 year, 6 months | $1,081 |
Going from $200 to $400 a month cuts the time by 2 years, 2 months and the interest by $1,709. The last few dollars of payment do the most work, because they go straight to principal.
Worked example 5: two cards, snowball or avalanche?
Suppose you have Card 1 with $2,000 at 14% (minimum $50) and Card 2 with $6,000 at 24% (minimum $170), and you can pay $400 a month in total. Whichever card you pay off first, its freed-up payment moves to the next one.
| Method | Order | Time to debt-free | Total interest |
|---|---|---|---|
| Snowball | Smallest balance first (Card 1) | 2 years, 2 months | $2,184 |
| Avalanche | Highest rate first (Card 2) | 2 years, 1 month | $1,880 |
The avalanche saves $304 in interest here because the expensive card is cleared first. The snowball gives an earlier first win, which some people find motivating enough to stay on track. The best method is the one you will keep doing.
Practical ways to pay off debt faster
- Pay more than the minimum, even a small fixed extra amount.
- Stop adding new charges to the card while you pay it down.
- Ask for a lower rate. Issuers sometimes agree, especially for long-standing customers.
- Consider a balance transfer only after checking the transfer fee and how long the promotional rate lasts.
- Direct windfalls such as tax refunds or bonuses to the highest-rate card.
Common mistakes to avoid
- Paying only the minimum. As example 2 shows, it can take many years and cost a lot.
- Continuing to charge new purchases. New charges undo your progress.
- Ignoring the first month's interest. If your payment is not larger than it, the balance never falls.
- Missing payments. Late fees and penalty rates make the balance grow faster.
- Moving a balance without counting the fee. A transfer fee is added cost.
If you are struggling to keep up, nonprofit credit counseling agencies can help you build a plan. Look for accredited members of the National Foundation for Credit Counseling.
For other debts try the loan calculator, and see how savings can grow with the compound interest calculator.
Sources and review
The payoff formulas are the standard ones for a loan with a fixed payment, tested against closed-form results. The minimum-payment rule in example 2 is an assumption, since issuers differ. The Consumer Financial Protection Bureau says card issuers must show on each statement how long it would take to pay off the balance with only the minimum, and what payment clears it in 36 months (the minimum payment warning on your statement). It also notes that many issuers calculate interest daily on the average daily balance (how card interest is calculated); we use one twelfth of the yearly rate each month, which is very close. More in the CFPB's credit card resources. Last reviewed September 2026. Read about our methodology.