Credit card payoff calculator
How long until this card is paid off, and what will it cost? Compare minimum payments with a fixed payment or a target date, see the payment that clears it in three years, and check whether a balance transfer is worth the fee.
Quick answer: At the Federal Reserve's 22.36% average card APR, paying only the minimum (1% of the balance plus interest) on $6,500 takes about 19 years and costs $10,606 in interest. Paying $249 a month clears it in 3 years with $2,480 of interest.
By John Crane, MBA & the Editorial Team · Updated for the 2026 tax year. How we check our numbers
Paid off Oct 2029
36 months
$2,472 of interest at 22.36% APR, $8,134 less than paying the minimum
| Balance | $6,500 | 72.4% |
|---|---|---|
| Interest | $2,472 | 27.6% |
- Monthly payment
- $250.00
- Total interest
- $2,472
- Total paid
- $8,972
- Minimum only takes
- about 19 years
- To pay off in 3 years
- $249.45/mo
- Interest this month
- $121.12
Minimum payment warning
As on your statementIf you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance.
| Each month you pay | Paid off in | Estimated total |
|---|---|---|
| Only the minimum payment | about 19 years | $17,106 |
| $249 | 3 years | $8,980 |
Assumes no more charges. Paying $249 a month instead of the minimum saves an estimated $8,126.
Balance over time
What each payment does
| Plan | Payment | Months | Interest |
|---|---|---|---|
| Minimum payment only (falls as the balance does) | $186.12 | 224 | $10,606 |
| $250 a month (your payment) | $250.00 | 36 | $2,472 |
| Paid off in 60 months | $180.86 | 60 | $4,351 |
| Paid off in 48 months | $206.06 | 48 | $3,391 |
| Paid off in 36 months (on your statement) | $249.45 | 36 | $2,480 |
| Paid off in 24 months | $338.36 | 24 | $1,621 |
| Paid off in 12 months | $609.49 | 12 | $814 |
Interest is charged at APR / 12 on the balance each month with no new purchases, the simplifying assumptions the CFPB allows for statement estimates (Regulation Z, Appendix M1). Issuers use a daily rate on your average daily balance, so real figures differ by a little.
How this is calculated
Month by month
Each month the balance is charged APR / 12 in interest, then your payment is applied. Minimum payments follow the issuer formula you choose, recalculated on the new balance each month, with the dollar minimum as a floor. These are the same simplifying assumptions the CFPB allows for statement estimates.
The statement warning
The Credit CARD Act of 2009 requires every statement to show how long minimum payments take and their total cost, plus the monthly payment that repays the balance in 36 months (Regulation Z, 12 CFR 1026.7(b)(12)). The warning box reproduces that disclosure for your balance.
Average APR
The default APR is the Federal Reserve's quarterly average interest rate on credit card accounts that are charged interest (G.19 Consumer Credit release). Minimum payment styles come from current cardholder agreements in the CFPB's Credit Card Agreement Database.
Sources
Related guides
- Debt avalanche vs snowball: which pays off debt faster?The two classic payoff orders compared on a real set of debts: interest paid, months to debt-free, and when the snowball's quick wins are worth the cost.
- How credit card interest works, and the minimum payment trapHow APR becomes a daily charge, why minimum payments can stretch a balance over decades, and how much a fixed payment or balance transfer saves.
Questions
How long does it take to pay off a credit card with minimum payments?
Often more than a decade. With a typical minimum of 1% of the balance plus interest, a $5,000 balance at 24% takes about 17 years and costs over $8,000 in interest. A fixed payment cuts that sharply.
What payment pays off my card in 3 years?
For $6,500 at the 22.36% average APR it is about $249 a month. Your statement shows the same figure for your balance, and the calculator above works it out for any balance and rate.
Is a balance transfer worth the fee?
Usually, if you can pay off most of the balance during the 0% period: a 3% to 5% fee is far less than a year of interest at over 20%. If much of the balance is left when the promo ends, the savings shrink.