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Credit Card Payoff Calculator

See how long it takes to pay off your credit card balance and how much interest you’ll pay — or work out the monthly payment needed to be debt-free by a date you choose.

Your Card
$
%
$
Time to pay off
Total interest paid
Total you'll repay
How this works: Credit card interest compounds on your balance each month, so a large chunk of a small payment can go straight to interest rather than reducing what you owe. Paying more than the minimum — even a little — dramatically cuts both the time to clear the card and the total interest. If your monthly payment doesn't cover the monthly interest, the balance never reduces, and the calculator will tell you.

Why the minimum payment trap is so costly

Credit card interest compounds on your outstanding balance every month. If you only make minimum repayments — typically 2% of the balance or $25, whichever is higher — most of each payment goes straight to interest rather than reducing what you owe. A $5,000 balance at 20% APR with minimum-only payments can take over 30 years and cost more than $15,000 in interest to clear. Even a small increase in your monthly payment dramatically cuts both the time and the total cost.

Two ways to use this calculator

Strategies to pay off faster

The most effective approaches are to stop adding to the balance while paying it down, pay more than the minimum every month (even $50 extra makes a large difference compounded over time), and consider a balance transfer to a 0% promotional rate to temporarily eliminate interest while you pay down the principal.

Assumptions & What's Not Included

This shows how long it takes to clear a card balance and the interest you'll pay. Its assumptions:

This is a guide to help you plan a payoff strategy, not a statement of your exact account. Check your card's terms for precise interest and fees.

Worked example

You owe $5,000 on a card at 20% APR and pay $200 a month.

Balance$5,000
APR20%
Monthly payment$200
Time to clear~33 months
Interest paid~$1,520
What it tells you: It takes about 33 months and roughly $1,520 in interest. Paying even $50 more a month cuts both the time and the interest sharply — because the extra goes straight to the balance rather than interest.

Frequently Asked Questions

How long does it take to pay off a credit card?

It depends on your balance, interest rate and monthly payment. At minimum repayments (around 2% of balance), a $5,000 balance at 20% can take decades. Paying a fixed higher amount, say $200 a month, clears the same balance in around 33 months. This calculator shows the exact timeline for your numbers.

How is credit card interest calculated?

Credit card interest is calculated daily on your outstanding balance and charged monthly. The annual rate (APR) is divided by 12 to get a monthly rate, which is applied to your balance each statement period. This means interest compounds monthly, so the balance grows faster than the annual rate alone suggests.

What is the minimum payment on a credit card?

Most Australian credit cards require a minimum payment of 2% of the closing balance or $25, whichever is higher. Paying only the minimum means most of each payment goes to interest rather than the balance, dramatically extending the time to pay off the debt.

Is this calculator private? Do you store my data?

Yes, it is completely private. Every calculation runs locally in your browser, so the figures you enter are never sent to a server, never stored, and never shared. There are no accounts and no sign-up.

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