Credit Card Payoff Calculator
See how long it takes to pay off a credit card and the interest you'll pay, by fixed payments, a target date or minimum payments only.
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- Time to pay it off
- 2 years, 2 months
- Total interest
- £792.64
- Total paid
- £3,792.64
- Number of payments
- 26
Year-by-year breakdown
| Year | Paid that year | Interest | Still owed |
|---|---|---|---|
| 1 | £1,800.00 | £549.82 | £1,749.82 |
| 2 | £1,800.00 | £238.52 | £188.33 |
| 3 | £192.64 | £4.30 | £0.00 |
What it does
Find out how long it will take to clear a credit card and how much interest you'll pay along the way. Choose a fixed monthly payment, a number of months to clear it in, or minimum payments only, and compare the difference. It assumes you stop spending on the card and the rate stays the same.
How to use it
- Balance
What you owe now, from your latest statement or app.
- Interest rate (APR)
The purchase APR on your statement. If part of the balance is on a 0% deal, work that part out separately.
- How you'll pay
Compare them: minimum payments usually take many years and cost far more interest.
- Monthly payment
What you'll pay every month. It must be more than the first month's interest, or the balance never falls.
- Months to clear it
For example 12 for one year, or 24 for two.
- Minimum payment: % of balance
Most UK cards charge 1% of the balance plus that month's interest. Check your statement's minimum payment rule.
- Plus that month's interest?
If your card's minimum is a flat percentage, such as 2.5% or 3%, choose No.
- Lowest minimum payment
The minimum is never less than this (often 5 to 25), or the whole balance once it's smaller.
Common uses
- Seeing how much faster a bigger monthly payment clears your card.
- Working out what to pay to be debt-free by a set date.
- Seeing the real cost of paying only the minimum.
- Comparing it with a personal loan to consolidate debt. Try the Loan Repayment Calculator
The formula
Monthly rate r = (1 + APR)^(1/12) − 1Each month: interest = balance × r, then balance = balance + interest − paymentTo clear in n months: payment = B × r ÷ [1 − (1 + r)⁻ⁿ]Where:
- B
- balance now
- n
- number of months
Real cards work out interest daily and statement dates vary, so your figures may differ by a few pounds. Fees, new spending and promotional rates aren't included.
Worked example
Paying £150 a month off £3,000 at 24.9% APR:
- Monthly rate: (1 + 0.249)^(1/12) − 1 = 1.8701%
- The first month's interest is about £3,000 × 1.8701%, and the rest of the payment reduces the balance
- Repeating that each month, it's paid off in 26 payments: 2 years, 2 months
You'd pay £792.64 in interest, £3,792.64 in all.
Questions people ask
Why does paying the minimum take so long?
Most of each minimum payment goes on interest, and the minimum shrinks as the balance falls. On a £3,000 balance at 24.9% APR, paying 1% plus interest (at least £25) takes 15 years and costs over £4,500 in interest. Paying a fixed amount, even a little more than the first minimum, cuts the time dramatically.
Should I pay off the card with the highest rate first?
Paying the minimum on every card and putting anything extra on the highest-rate card (the "avalanche" method) costs the least interest overall. Clearing the smallest balance first (the "snowball" method) costs a little more but can be easier to stick with.
Would a balance transfer help?
Often. Moving the balance to a 0% card means every payment reduces the debt, though there's usually a transfer fee of around 3% and the rate jumps when the deal ends. Aim to clear it before then.
Last checked 4 November 2026 · Last rev. 31 October 2026 · 902d