Credit Card Payoff Calculator
Enter your balance, your card's APR and what you can pay each month, and this calculator shows how long the debt will take to clear and how much interest you will pay getting there. Try a few payment figures either side: the curve moves more sharply than most people expect.
Formula
Months = −log(1 − (balance × i ÷ payment)) ÷ log(1 + i)
- i = APR ÷ 12
- No solution means the payment never clears the balance
£3,000 at 24.9% paying £100 a month: 48 months and £1,743 of interest
Find Your Interest-Only Point First
Before anything else, work out the payment that merely covers the interest:
Interest-Only Payment = Balance × (APR ÷ 12)
On £3,000 at 24.9% APR that is £62.25 a month.
Pay exactly that and the balance never moves. Pay less and it grows despite you paying every month. Every plan is really a question of how far above this line you can get.
What Different Payments Do
On a £3,000 balance at 24.9% APR:
- £65 a month: 12.8 years, £7,010 interest
- £100 a month: 4 years, £1,744 interest
- £150 a month: 2.3 years, £916 interest
- £200 a month: 1.6 years, £631 interest
An extra £35 a month takes the debt from thirteen years to four and saves £5,266.
Why Minimum Payments Take Decades
UK minimums are typically about 1% of the balance plus that month's interest, so the required payment falls as the balance does. Progress slows exactly as fast as you make it. On that £3,000 balance, paying the minimum takes roughly 29 years and costs about £5,998 in interest.
Fixing your payment at today's minimum, rather than letting it drop each month, clears the same debt in a little over four years. It costs nothing and needs no application.
Quick Reference
| Monthly payment | Time to clear | Interest paid |
|---|---|---|
| £65 | 154 months | £7,010 |
| £100 | 48 months | £1,743 |
| £150 | 27 months | £916 |
| £200 | 19 months | £631 |
| £300 | 12 months | £397 |
Frequently Asked Questions
- How long will it take to pay off my credit card?
- It depends entirely on how far your payment sits above the interest charge. Paying the minimum on a £3,000 balance at 24.9% takes almost 29 years; a fixed £100 a month clears it in four.
- Is a 0% balance transfer worth it?
- Usually, if you clear the balance before the promotional period ends. A 3% fee on £3,000 is £90, against £1,744 of interest paying £100 a month on the original card.
- Should I pay off the highest rate or the smallest balance first?
- Highest APR first costs the least overall. Smallest balance first costs slightly more but delivers a visible win sooner, which some people find easier to sustain.
- What if I cannot afford the payments?
- Free, impartial debt advice is available in the UK from StepChange, National Debtline and Citizens Advice. None of them charge, and contacting them does not affect your credit file.