Credit Card Payoff Calculator

Visualize your journey to becoming debt-free. Enter your balance and monthly payment to see exactly how long it will take and how much interest you can save.

Updated Oct 23, 2025•By GPA Calculators Team

Card Details

Credit Card Balance ($)

Interest Rate (APR %)

Monthly Payment ($)

Recommended: minimum 3% of balance or $25, whichever is greater.

The True Cost of Credit Card Debt

Credit card debt is one of the most expensive forms of borrowing due to compounding interest. Unlike a traditional loan where you pay interest on the principal, credit card interest is often added to your principal daily, meaning you pay interest on your interest.

If you only make the minimum payment (usually 1-3% of your balance), it can take decades to pay off a relatively small balance, and you may end up paying double or triple the original amount purchased.

"Compound interest is the eighth wonder of the world. He who understands it, earns it... he who doesn't... pays it." — Albert Einstein

Strategies to Pay Off Debt Faster

1. The Snowball Method

List your debts from smallest to largest balance. Make minimum payments on all but the smallest. Attack the smallest debt with vengeance. When it's paid off, roll that money into the next smallest. Great for building motivation.

2. The Avalanche Method

List your debts from highest interest rate to lowest. Attack the highest rate debt first. This method saves you the most money mathematically but requires discipline as you might not see a zero balance as quickly.

3. Balance Transfer

Move high-interest debt to a card with a 0% introductory APR period. This applies 100% of your payment to the principal. Be wary of transfer fees (usually 3-5%) and ensure you can pay it off before the promo period ends.

4. Personal Loan

Consolidate credit card debt into a single personal loan. Personal loans typically have lower interest rates (6-15%) compared to credit cards (20%+), saving you money and giving you a fixed payoff date.