How to use the credit card payoff calculator
- Enter your card balance and its APR (on your statement).
- Choose to enter a fixed monthly payment – to see when you will be debt-free – or a number of months, to see what you need to pay.
Why paying more matters
Card interest is charged on the remaining balance every month, so a small payment mostly goes to interest. On a 5,000 balance at 22% APR:
- Paying 150 a month takes 52 months and costs about 2,798 in interest.
- Paying 300 a month takes 21 months and costs about 1,022 – less than a third as much interest.
\text{Interest this month} = \text{Balance} \times \dfrac{\text{APR}}{12}Ways to pay off card debt faster
- Avalanche: pay the minimum on every card and put extra money on the card with the highest APR – it saves the most interest.
- Snowball: clear the smallest balance first – quick wins help some people stay motivated.
- Balance transfer: a 0% transfer card can stop interest for 12–21 months, usually for a 3–5% fee.
- Stop using the card while you pay it off – the calculator assumes no new spending.
Frequently asked questions
How long will it take to pay off $5,000 on a credit card?
At 22% APR, 2 years 10 months at $200 a month (about $1,750 of interest), or under 2 years at $300 a month.
Why is my balance barely going down?
Much of each payment covers interest. At 22% APR, a $5,000 balance is charged about $92 of interest a month, so a $100 payment only reduces it by about $8.
How much should I pay to be debt-free in 2 years?
Choose “Be debt-free in a set time” and enter 24 months. For $5,000 at 22% APR it is about $259 a month.
Is it better to pay off the card or save?
Usually pay off the card first: few savings or investments reliably earn more than the 20%+ that cards charge. Keep a small emergency fund so you do not have to borrow again.