Find out exactly when you will be debt free, and what a balance transfer or consolidation loan would change.
Use this tool to calculate how long it will take to pay off your credit card balance at your monthly payment, or flip it around and find the payment that gets you to zero by a date you choose. The APR starts at today's MonitorBankRates average credit card rate, so the numbers reflect what cards actually charge right now. See how much you save by paying more than the minimum, whether a 0% balance transfer beats staying put, and what a personal loan at today's average rate would cost instead. Once you are out of debt, channel that monthly payment into a high yield savings account to start building an emergency fund.
Use your state's average credit card rates
Loads the MonitorBankRates average credit card, low interest card and balance transfer card APRs for your state into the calculator.
Debt Payoff Planner
Enter your balance, APR and payment. Results update as you type.
Your payment versus the minimum payment
| Scenario | First payment | Months | Total interest | Total paid |
|---|---|---|---|---|
| Your payment | $0 | 0 | $0 | $0 |
| Minimum payment only | $0 | 0 | $0 | $0 |
| Your payment plus $50 | $0 | 0 | $0 | $0 |
Balance remaining and interest paid over time
Transfers the balance plus the fee to a card at the promo APR for the promo period, then the APR after the promo, at the same monthly payment.
Month by month schedule
| Month | Payment | Principal | Interest | Balance |
|---|
Paying Off $5,000 at Today's Average Credit Card Rate
As of September 21, 2026, the MonitorBankRates national average credit card APR is 11.71%, computed from rates published by more than 8,000 banks and credit unions. Paying $200 a month on a $5,000 balance clears it in 29 months and costs $760 in interest. Paying only the minimum (the larger of $25 or 1% of the balance plus interest, starting at about $98.79) takes 207 months and costs $4,132 in interest, $3,373 more than the $200 plan. Adding $50 a month, to $250, saves another $170 and finishes 6 months sooner. A personal loan at today's MBR average of 10.88% would cost $163.41 a month over 36 months, $883 in interest.
| $5,000 balance at today's MBR average credit card APR of 11.71% | Months | Total interest |
|---|---|---|
| Minimum payment only (about $98.79 to start) | 207 | $4,132 |
| $200 a month | 29 | $760 |
| $250 a month | 23 | $590 |
| $200 a month on a low interest card at today's average 10.94% | 29 | $701 |
| 36 month personal loan at today's average 10.88% ($163.41 a month) | 36 | $883 |
Averages are recalculated every day from the rates card issuers and lenders publish, so this table reflects the market today rather than a sample rate. Your own APR is on your statement; enter it above for exact figures.
How to Use the Credit Card Payoff Calculator
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Enter your current balance
Type in the total amount you currently owe on the credit card. If you have multiple cards, run the calculator separately for each one, or focus on the card with the highest APR first.
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Check the interest rate (APR)
The APR starts at today's MonitorBankRates national average of 11.71%. Find your own APR on your most recent statement and enter it, or use the buttons above to load the average for a low interest card or a balance transfer card, or pick your state for the state average. Rates range from under 15% on a low rate card to over 29% on a penalty APR.
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Choose what to solve for
Enter the fixed amount you plan to pay every month to see how long payoff takes, or switch to "payment needed" and enter the number of months you want to be debt free in to see the payment that gets you there. Try a few numbers; even $50 more per month can shave years off your payoff timeline, and the comparison table shows exactly how much.
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Compare the alternatives
The balance transfer section shows whether moving the balance to a promo rate card saves money after the fee, and whether your payment clears the balance before the promo ends. The notes below it show what a low interest card or a personal loan at today's average rate would cost instead.
Avalanche vs. Snowball: Which Strategy Is Right for You?
If you are carrying balances on multiple cards, the order you pay them off matters. The two most popular approaches are the avalanche method and the snowball method. Both work, but they optimize for different things:
The Avalanche Method (best for math)
- Pay minimums on every card except the one with the highest APR
- Throw every extra dollar at the highest rate card until it is paid off
- Move to the next highest rate, and repeat
- Mathematically optimal: saves the most money in interest
- Best when you are motivated by numbers, not quick wins
The Snowball Method (best for momentum)
- Pay minimums on every card except the one with the smallest balance
- Throw every extra dollar at the smallest balance until it is gone
- Move to the next smallest, and repeat
- Costs slightly more in interest, but you knock out cards faster
- Best when you need psychological momentum to stay on track
The honest truth: the difference in total interest paid between the two methods is usually a few hundred dollars over several years. The best strategy is the one you will actually stick with. If small win after small win keeps you going, snowball. If watching the highest rate card disappear feels good, avalanche. Either way, building a monthly budget first will help you find the extra dollars to throw at the debt, and the debt consolidation calculator shows whether rolling several cards into one loan at today's average rate beats either method.
Frequently Asked Questions
What is the average credit card interest rate right now?
As of September 21, 2026, the MonitorBankRates national average credit card APR is 11.71%, the average low interest card charges 10.94% and the average balance transfer card charges 11.96% once the promo ends, computed from the rates published by more than 8,000 banks and credit unions. Your own rate depends on your credit score and the card; penalty APRs can run close to 30%.
Why is my balance not going down?
If you only pay the minimum due, a large portion of your payment goes toward interest rather than the principal balance. On a $5,000 balance at today's average of 11.71%, the minimum payment is about $98.79 and roughly $48.79 of that goes to interest in the first month. To make progress, you must pay significantly more than the minimum.
What happens if I miss a payment?
Missing a payment can result in a late fee (typically up to $40) and may trigger a penalty APR, which can raise your interest rate to nearly 30%. A payment that is 30 or more days late will also be reported to the credit bureaus and can drop your credit score by 50 to 100 points.
Does paying off a credit card hurt my credit score?
No, paying off debt usually helps your score by lowering your credit utilization ratio, the percentage of your available credit you are using. However, closing the account after you pay it off might slightly lower your score by reducing your total available credit. Keep paid off cards open and unused if you can.
What is a balance transfer and is it worth it?
A balance transfer moves debt from a high rate card to a card offering a 0% promotional APR (typically 12 to 21 months). Most cards charge a 3% to 5% transfer fee, so you will pay $150 to $250 to move a $5,000 balance. It is worth it if you can pay off the entire balance during the promo period; otherwise the regular APR, today's average is 11.96% on balance transfer cards, kicks in and you may end up worse off. The balance transfer section of the calculator runs the numbers for your balance and payment.
What is credit utilization and why does it matter?
Credit utilization is the percentage of your total credit limit you are currently using. If you have $10,000 in total limits and a $3,000 balance, your utilization is 30%. It accounts for roughly 30% of your FICO score. Most experts recommend keeping utilization below 30%, and below 10% if you want a top tier score.
Should I pay off credit card debt or save first?
Generally, pay off high interest credit card debt before focusing heavily on saving. Earning 4% in a savings account while paying 11.7% on a credit card means you are losing roughly 8% a year on every dollar that could have gone to the debt. Keep a small starter emergency fund ($500 to $1,000), then attack the debt aggressively, then build a full 3 to 6 month emergency fund. The savings goal calculator can help you map out how long that will take.
How is the minimum payment calculated?
Most issuers calculate the minimum payment as either a flat amount (often $25 to $35) or a percentage of the balance (typically 1% to 3%) plus that month's interest, whichever is higher. This calculator uses the larger of $25 or 1% of the balance plus interest. Paying only the minimum on a $5,000 balance at today's average of 11.71% takes about 17 years and costs $4,132 in interest.
Will closing a paid off card hurt my credit?
It can. Closing a card reduces your total available credit (raising your utilization ratio) and, if it is an old account, lowers the average age of your credit history. Both factors can drop your score. The exception: if the card has an annual fee you do not want to keep paying and there is no way to downgrade it, closing may be the right move.
Is a personal loan a good way to pay off credit cards?
Often, yes. Personal loan rates are usually well below credit card rates (today's MonitorBankRates averages are 10.88% for personal loans versus 11.71% for credit cards), and a fixed term forces the balance to zero on a schedule. The catch is that the cards are still open afterward, so it only works if you stop adding new charges. The debt consolidation calculator compares a loan with your current payments in detail.
