Credit Card Payoff Calculator
Enter your balance, APR and monthly payment to see your debt-free date, the interest you will pay, and what extra payments save against paying only a 2% minimum. Card interest works the same in every state, so one calculator covers all of them; enter your own household income for the debt-to-income line.
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Pre-filled: Census Bureau (2024 real median household income)
Months to Pay Off
Estimated • Based on your inputs
Debt-Free Date
51 months from today
Total Interest Paid
$3,517.00
Detailed Breakdown
Disclaimer: This calculator provides estimates for informational purposes only. Results should not be considered financial, tax, or legal advice. Consult a qualified professional for your specific situation.
How this calculator works
Uses the standard amortization formula with compound interest on the outstanding balance, compared against a minimum-payment scenario (2% of balance, a common issuer floor). The default 22.15% APR is the Federal Reserve's G.19 Consumer Credit release figure for accounts assessed interest (May 2026) — the average rate paid by people who, like most users of this calculator, are carrying a balance rather than paying it off in full each month.
Source: Federal Reserve G.19 Consumer Credit; CFPB checked
Frequently Asked Questions
What is the average credit card interest rate right now?
According to the Federal Reserve's G.19 Consumer Credit release (May 2026 figure, the latest when this page's data was last verified), the average APR on credit card accounts that are actually assessed interest is 22.15%, while the average across all accounts (including those paid in full each month) is 20.94%. This calculator defaults to the higher, "assessed interest" figure since it better reflects someone carrying a revolving balance.
How long will it take to pay off my credit card?
It depends on your balance, APR, and monthly payment. A $6,500 balance at a 22.15% APR with $200/month payments takes roughly 3.5-4 years and over $2,000 in interest. Paying only a 2% minimum can take 20+ years and cost far more in interest than the original balance — see the "Months at Minimum Only" output above.
Should I pay off multiple credit cards with snowball or avalanche?
If you're juggling more than one card or loan, use the site's dedicated Debt Snowball Calculator or Debt Avalanche Calculator instead — they let you enter multiple balances and compare which payoff order gets you debt-free with the least interest.
What is a debt-to-income ratio and why is it shown here?
The Debt-to-Income Ratio line on this calculator divides your card balance by the annual household income you enter, so you can see how big the balance is next to a year of earnings. It is not the ratio a mortgage or loan underwriter computes: that one divides your monthly debt payments by your gross monthly income, and its maximum depends on the loan program rather than on any federal cap (Fannie Mae, for instance, tops out at 36%, 45% or 50% depending on how the loan is underwritten, Selling Guide B3-6-02). The line is shown for context, not as a payoff requirement.