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The calculator treats your card the way the issuer does: each month it charges interest first at APR / 12 on the current balance, then applies your payment to the interest and the rest to principal. From that model it derives two answers with closed-form amortization formulas: the months your fixed payment needs to clear the balance, and the payment you would need to be debt free by your target date. A month-by-month simulation then totals the interest and truncates the final payment so you never pay more than the last balance. The math assumes a fixed APR, no new purchases, no fees, and no promotional rate changes. If your payment is less than or equal to one month of interest, the balance can never shrink, and the calculator reports that honestly instead of projecting a payoff date.
Two closed-form formulas drive the calculator. For a fixed monthly payment M on balance P with monthly rate r = APR / 12:
Months to payoff: N = -log(1 - r × P / M) / log(1 + r)
For a fixed payoff deadline of n months:
Required payment: M = r × P / (1 - (1 + r)⁻ⁿ⁾
Each month the issuer charges interest first (balance × r), then applies your payment to interest, then to principal. The calculator simulates this month by month, truncates the final payment so you never overpay, and sums the interest charges for the totals. If your payment is less than or equal to one month of interest, the balance never shrinks, and the calculator says so instead of inventing a date.
Take a 5,000 balance at 19.99% APR and see what the payment size does:
Minimum only, about 125 per month: 18+ years, over 9,000 in interest, nearly double the balance 150 per month: about 4 years 3 months, about 2,663 in interest 200 per month: 33 months, about 1,521 in interest 300 per month: about 1 year 7 months, about 893 in interest 500 per month: 11 months, about 497 in interest
The jump from the minimum to 150 a month turns 18+ years into roughly 4 years and saves about 6,700 in interest. That is the single most important comparison on this page: small increases in the payment cut years off the debt.
Minimum payments are usually 1 to 3% of the balance plus the monthly interest, with a floor around 25. On a 5,000 balance at 22% APR, a 130 minimum sends about 92 to interest and only about 38 to the balance. Because the minimum shrinks as the balance shrinks, the payoff stretches past 18 years and the total interest can exceed 6,800, more than the original debt. The minimum is designed to keep the account current, not to get you out of debt.
Enter your balance, your card APR, and either the fixed monthly payment you can afford or the number of months you want to be debt free. The calculator shows both directions at once: months to payoff from your payment, and the payment you would need to hit your target date, plus total interest and total paid. If your payment only covers the interest, it tells you the balance will never pay off and prompts you to raise the payment.
With more than one card, two strategies dominate. The avalanche method pays minimums on every card and throws every extra dollar at the highest APR first; it is mathematically the cheapest because expensive interest dies first. The snowball method attacks the smallest balance first for a quick win; research on debt repayment finds people are more likely to finish what they start with an early victory. Avalanche saves the most money, snowball has the higher completion rate. Either beats paying only minimums.
A 0% APR balance transfer card lets you move a balance and pay no interest for a promo window, usually 12 to 21 months, in exchange for a transfer fee of 3 to 5% of the balance. The math works when the balance is fully cleared before the promo ends: a 5,000 balance at 22% costs about 750 in interest over 18 months, while a 4% fee costs 200. It backfires when the balance survives the promo and the standard APR, often near 25%, resumes. It also only works if you stop adding new charges to the old card.
Paying off a card helps your credit score through utilization, the ratio of balances to credit limits, which is the second-largest factor in most scoring models. Balances near the limit hurt; dropping them helps. Closing the card after payoff can undo part of the gain: it removes available credit, which raises utilization, and eventually shortens your account history. Keep paid-off cards open and use them occasionally if there is no annual fee.
Stop using the card while you pay it down, or new charges will quietly replace what you repay. Build a small starter emergency fund of 500 to 1,000 first so a car repair does not land back on the card. Set the payment to auto-pay so you never miss one, and after the balance hits zero, keep paying the full statement balance every month so the card becomes a convenience, not a loan.
Results are estimates, not professional financial advice. The math assumes a fixed APR, a fixed monthly payment, no new purchases, no fees, no cash advances, and no promotional rate changes. Real cards vary: minimum payment formulas differ by issuer, penalty APRs can jump near 30% after a late payment, and balance transfer terms change. Treat the numbers as planning guidance and talk to a qualified advisor or nonprofit credit counselor before making big debt decisions.
Enter your balance, APR, and the fixed monthly payment you can afford. The calculator simulates interest charges month by month and reports the number of months, total interest, and total paid, and it also shows the payment you would need to be debt free by a target date.
Minimums are usually 1 to 3% of the balance plus interest, so most of an early payment goes to interest, not principal. As the balance falls the minimum falls with it, which stretches repayment past 18 years on a typical 5,000 balance and can make total interest exceed the original debt.
Even 25 to 50 above the minimum makes a large difference. On a 5,000 balance at 24% APR, the minimum alone takes 18+ years and over 9,400 in interest; 150 a month takes about 4 years 3 months with about 2,663 in interest; 200 a month takes about 2 years 7 months with about 1,548.
Avalanche (highest APR first) is mathematically cheapest and saves the most interest. Snowball (smallest balance first) gives faster wins and research suggests people are more likely to finish the plan. Pick the one you will actually stick with; both beat minimum-only payments by years.
It can be, if you clear the balance inside the 0% promo window (usually 12 to 21 months) and pay the 3 to 5% transfer fee. A 5,000 transfer at a 4% fee costs 200 versus about 750 in interest at 22% APR over 18 months. It backfires if the balance survives the promo, when the standard APR resumes.
Paying off a card generally helps your score because it lowers your credit utilization ratio, the share of available credit you are using, which is a major scoring factor. Closing the card afterward can hurt by removing available credit and shortening account history, so keep it open if there is no annual fee.
Usually you should not. Closing reduces your total available credit, which raises your utilization ratio, and the closed account eventually drops off your history. Exceptions: a card with an annual fee that costs more than it is worth, or a card you cannot trust yourself not to use.
Expect a late fee (up to about 40), a penalty APR near 30% on future balances, and a credit report mark if you are 30 days late, which can drop a score by 50 to 100 points or more. At 180 days the issuer charges off the debt, and the negative mark can stay for 7 years.
Build a small starter emergency fund of 500 to 1,000 first, then attack the card debt aggressively. Without that cushion, the first surprise expense goes straight back onto the card and undoes your progress.
Most issuers use the larger of a flat floor (about 25 to 35) or 1 to 3% of the balance plus the monthly interest charge. That is why the minimum falls as the balance falls, stretching repayment over many years.
Utilization is your total card balances divided by your total credit limits, expressed as a percentage. It is the second-largest factor in most credit scores. Under 30% is the common guideline, and under 10% is typical of the highest scores.
A fixed-term personal loan at a lower rate can work: the term forces full payoff and the rate is usually below card APRs, so a 5,000 balance might cost about 895 in interest over 36 months. It only works if you stop adding new charges to the cards, otherwise you end up with the loan and new card debt.