Credit Card Repayment Calculator 
Welcome to the
Federal Reserve’s Credit Card Repayment Calculator. Based on the information you provide, the calculator will give you an estimate of how long it will take you to pay off your credit card balance. The calculator assumes:
- you make no more charges; and
- you make only the minimum payment each month.
A second calculation can help you develop a plan for paying off your balance sooner.
Please use your most recent credit card bill. You may get a more accurate estimate from your credit card issuer’s website.
How long will it take me to pay off my credit card balance if I make only the minimum payment?
You have entered a balance of $1,234 at 18.00%. We estimate that:
| $25 |
Estimated initial minimum payment  |
| 11 years |
Amount of time to pay off your balance, if you make no more charges and make only the minimum payment on time each month |
| $1,565 |
Interest charges you will pay in that amount of time |
This is an estimate based on the information you provided and assumptions made about your account. The actual time and cost to pay off your balance by only making the minimum payment will depend on the terms of your account and future account activity.  |
How do I pay off my credit card balance sooner?
The following estimates are based on your balance of $1,234 at 18.00%.