Credit Card Payoff Planner
See exactly when you'll be debt-free, what the interest is really costing you, and the monthly payment to finish on the timeline you want. The free move comes first — most people can lower their APR just by asking.
Debt-free in
3y 0m
October 2029
Total interest
$2,001
cost of waiting
Total paid
$7,001
balance + interest
Want to be done sooner?
Pay it off in→ pay $473/mo
Free move first: call your issuer and ask for a lower APR — it's free and often works, especially if you've paid on time. Balance-transfer or consolidation options can help too, but compare fees and the post-promo rate before moving a balance.
Not sure of your credit score?
Knowing your score helps you track payoff progress and see when you'll qualify for better rates. You can check yours free with Credit Karma — it uses a soft pull, so it won't affect your score.
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Who this is for
- You carry a balance and want a real payoff date, not a vague 'someday.'
- You want to see how much faster a bigger payment gets you there.
- You're weighing whether a balance transfer is worth the fee.
How it works
- 1Enter your balance, APR, and what you can pay each month.
- 2We simulate it month by month — interest, principal, and the payoff date.
- 3Pick a target timeline and we show the payment needed to hit it.
Methodology
We run a standard amortization month by month: each month adds interest at APR ÷ 12, subtracts your payment, and repeats until the balance hits zero. Total interest is the sum of those monthly interest charges. The “done sooner” figure solves the amortization formula for the fixed payment that clears the balance in your chosen number of months. If your payment doesn't exceed one month's interest, we flag that it'll never pay down.
Example
A $5,000 balance at a typical card APR with $200/mo takes roughly two and a half years and costs well over $1,000 in interest. Bump it to $300/mo and you're done in well under two years with far less interest — the planner shows your exact numbers.
FAQ
- What's the fastest way to lower the interest?
- Two free moves first: call and ask your issuer for a lower APR (it often works), and pay more than the minimum. Only then consider a balance transfer — and weigh its fee and post-promo rate.
- Is a balance transfer a good idea?
- It can be, if the transfer fee (often 3–5%) and the rate after the promo period still beat staying put — and if you won't just run the balance back up. Compare the all-in cost, don't just chase 0%.
- Should I invest instead of paying this off?
- Usually pay it off first. A 20%+ APR is a guaranteed cost no reliable investment beats. Clearing high-interest debt is one of the best risk-free returns available.