See how long it takes to clear a credit card balance and what the interest costs. Enter the balance, APR, and monthly payment.
Time to Pay Off
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At this fixed payment.Usage Tip
Throw any extra at the highest-APR card first (the avalanche method) to minimize total interest. Avoid adding new charges while paying it down.
THE MATH
Months = −ln(1 − i × balance ÷ payment) ÷ ln(1 + i)
i = monthly rate (APR ÷ 12)
i = monthly rate (APR ÷ 12)
Credit cards charge interest monthly on the balance. If your payment only just exceeds the interest, almost nothing goes to principal.
Paying more than the minimum is the fastest way to cut the total cost.
Paying more than the minimum is the fastest way to cut the total cost.
The minimum payment is designed to stretch repayment over years and maximize interest.
Interest is charged on the full balance until it is paid, so even small extra payments help.
This assumes a fixed payment and no new charges added to the card.
Interest is charged on the full balance until it is paid, so even small extra payments help.
This assumes a fixed payment and no new charges added to the card.