Crunch Credit Card Payoff Calculator
See exactly how long your credit card balance will take to pay off, how much interest you'll pay, and what happens if you bump up your payment.
| Debt-free date | — |
| Total interest paid | $0 |
| Total paid | $0 |
How it works
Each month, interest accrues on the balance (APR ÷ 12), then your payment is applied. Payoff time uses the amortization formula: n = −ln(1 − r·B / p) / ln(1 + r), where B is the balance, r the monthly rate, and p the payment. Total interest is simulated month by month for exactness.
Formula & worked example
Formula: Months to clear = −ln(1 − rB ÷ p) ÷ ln(1 + r), where B is the balance, r the monthly rate (APR ÷ 12) and p your monthly payment. Interest is simulated month by month for the totals.
Worked example: A $5,000 balance at 22% APR paid at $150/month is gone in 52 months, costing about $2,798 in interest — more than half the original balance.
Frequently asked questions
Why does the minimum payment take forever?
Minimums are often 1–2% of the balance, so most of your payment goes to interest. Paying even a fixed amount above the minimum cuts years off.
What if my payment doesn't cover the interest?
Then the balance grows and you never pay it off — the calculator will warn you. You must pay more than the monthly interest charge (balance × APR ÷ 12) to make progress.
Should I pay extra or save?
At 20%+ APR, extra card payments beat almost any investment return. Kill high-rate balances before investing beyond an emergency fund.
💳 Ready to attack the balance?
Our debt payoff calculator models extra payments across multiple debts.