How this calculator works
Enter your balance, APR and planned monthly payment. The calculator shows the payoff time, total interest and total paid. It also shows the payment needed to be debt-free in three years — a useful benchmark.
If your payment doesn't exceed the monthly interest, the balance never falls. The calculator flags this and tells you the minimum needed to make progress.
Cut the cost
- Call your issuer and ask for a lower APR.
- Consider a balance transfer only if the fee and post-promo rate make sense.
- Stop new spending on the card while paying it down.
Frequently asked questions
Why does paying the minimum take so long?
Minimums are mostly interest at first, so very little reduces the balance.
Does the APR compound monthly?
Most cards charge interest daily on the average balance; this calculator uses a monthly approximation that is close for planning.
Will paying off my card raise my credit score?
Lower utilisation generally helps scores.
Results are estimates for educational purposes and depend on the assumptions you enter. They are not an offer of credit or financial advice. Last reviewed October 2026.