Credit card repayment
Find out how long it will take to pay off your credit card at a fixed monthly payment, and how much interest you will pay.
Credit card repayment
Find out how long it will take to pay off your credit card at a fixed monthly payment, and how much interest you will pay.
Credit card interest is charged every month, so paying only a little above the minimum can take far longer — and cost far more — than most people expect. This calculator shows you the real timeline and the real cost of paying it off at a fixed monthly payment.
It can help you answer questions like:
- How long will it actually take me to clear this balance?
- How much am I really paying in interest?
- If I increase my monthly payment, how much time and money would I save?
What you’ll need to enter:
- Current balance — what you currently owe on the card. (Example: $5,000.)
- Annual interest rate (APR) — the yearly interest rate printed on your card statement. (Example: 19.9%.)
- Monthly payment — how much you plan to pay each month. (Example: $200.)
How it works
Each month, interest is added to what you still owe, then your payment reduces the balance. We repeat this month by month until the balance reaches zero, adding up the interest along the way.
What the result tells you
With the example numbers, paying $200 a month clears a $5,000 balance in about 33 months (just under 3 years), and you’ll pay roughly $1,511 in interest — a total of about $6,511 paid for a $5,000 balance.
A few ways to pay this off faster and cheaper:
- Pay more than the minimum whenever you can. Even a small increase in your monthly payment can cut months — and real dollars — off the total. Example: try changing the monthly payment in this calculator from $200 to $250 and see the difference.
- Stop adding new spending to the card. New purchases on top of the balance you’re paying down undo your progress and extend the timeline.
- Check if a balance transfer makes sense. Some cards offer a lower or 0% rate for a limited time on transferred balances — just be clear on what the rate becomes afterward.
- If the payment doesn’t even cover the interest, act now. This calculator will warn you if that’s the case — the balance will keep growing instead of shrinking until the payment increases.
In short: seeing the real timeline and real cost upfront makes it much easier to commit to a payment plan that actually works.
Figures and results from these calculators are a general guide only and are not financial or professional advice. Consider getting professional advice, such as from a bookkeeper or accountant, before making decisions based on these results.