Credit Card Payoff Calculator
See how long it takes to pay off a credit card balance and how much interest you'll pay. Compare minimum payments versus a fixed monthly amount.
What this calculates
Paying only the minimum on a credit card is the single most expensive financial habit in modern life. This calculator shows exactly how bad it is: years to pay off, and total interest paid, with the minimum-only path versus a flat monthly amount you choose. The gap is usually shocking.
Formula & how it works
Each month: interest = balance × (APR/12/100). New balance = balance + interest − payment. The 'minimum payment' is usually max(1–2 % of balance, $25), so as the balance shrinks the minimum shrinks too — which is exactly why minimum-only payoff drags on for decades. A fixed monthly payment cuts through that and finishes the debt in a predictable time.
Worked example
$5,000 balance at 22 % APR. Paying just the 2 %/month minimum: payoff takes ≈ 23 years and costs ~$8,400 in interest — you pay $13,400 total for the original $5,000. Paying a fixed $200/month: payoff in 32 months and ~$1,400 interest. Paying $300/month: payoff in 20 months and ~$870 interest. Same debt, dramatically different outcomes.
Frequently asked questions
Why is the minimum-payment payoff so long?
Because the minimum is calculated as a percentage of the remaining balance. As you pay down, the required minimum drops too. At 2 % minimum and 20 % APR, almost all of the minimum payment is interest — the principal barely moves.
Does this account for new charges?
No. It assumes you stop charging the card while paying it off. Continuing to use the card while paying it down stretches the timeline indefinitely.
Should I get a 0 % balance transfer card?
If you can pay off the balance during the promo period (12–21 months typically), yes — the transfer fee (3–5 %) is usually much less than the interest you'd otherwise pay. Set a firm payoff target before applying; missing the deadline often resets the entire promo interest retroactively.
What if I have multiple cards?
Use the debt snowball/avalanche calculator instead — it handles multiple debts and shows the optimal payoff order.
Disclaimer: Informational only — not financial advice. Nonprofit credit counselors can help if you can't reach a payoff with realistic payments.
Related calculators
- Debt PayoffCompare debt payoff strategies: snowball (smallest balance first) versus avalanche (highest rate first). See total interest and payoff timeline.
- Loan CalculatorCalculate monthly payment, total interest, and total cost for any fixed-rate loan. Works for personal, auto, student, and small-business loans.