Credit Card Payoff Calculator
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Payoff Time (with extra payment)
Payoff Time (minimum only)
Total Interest (minimum only)
Total Interest (with extra)
Interest Saved
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How to Use
Enter your current credit card balance, your card's APR, and the minimum payment percentage (typically 2-4%). Then add any extra amount you can pay each month above the minimum.
The calculator simulates two scenarios: paying only the minimum, and paying the minimum plus your extra amount. You'll see the difference in payoff time and total interest paid.
How Credit Card Interest Works
Credit card interest compounds daily but is typically billed monthly. If you only make the minimum payment, more of your payment goes toward interest and less toward the principal.
Monthly Interest = Balance × (APR / 12)
Minimum Payment = max(Balance × Min%, $25)
Minimum Payment = max(Balance × Min%, $25)
Frequently Asked Questions
High-interest credit card debt (18%+) should generally be paid off before building savings, since the interest you're paying almost certainly exceeds what you'd earn on savings.
A balance transfer to a 0% APR card lets your full payment go toward the principal. Even with a 3-5% transfer fee, you can save significantly if you pay off the balance during the promotional period.
Paying only the minimum can keep you in debt for decades. A $5,000 balance at 22% APR with a 3% minimum payment would take over 20 years and cost more than $7,000 in interest.