Credit Card Payoff Calculator
See how many months it takes to clear a credit card at a fixed payment compared with the minimum, and how much interest each path costs.
Paying a fixed amount, you’re debt-free in
3 yrs 1 mo
- Interest (fixed)
- $2,566
- Minimum payment now
- $189.04
- Time on minimums
- 18 yrs 9 mo
- Interest on minimums
- $10,881
Paying $250 instead of the minimum saves $8,314 and 15 yrs 8 mo.
Balance: fixed payment vs minimums
Explain my numbers
Get a plain-English reading of the result above: what drives it, what the trade-offs are and what to ask a lender or adviser. It is educational, not financial advice. Only these inputs and results are sent, and nothing is stored.
The minimum payment trap
Your statement’s “minimum payment warning” box, required by the CARD Act of 2009, shows how long minimums would take. It is usually startling. The reason is that a percentage-of-balance minimum shrinks every month, so the payoff curve flattens out instead of hitting zero.
Credit card interest is charged on your average daily balance at APR ÷ 365 per day. This calculator uses the monthly equivalent (APR ÷ 12), which is within a few dollars for planning.
A plan that works
- Stop adding new charges to the card you are paying off.
- Fix your payment at a dollar amount, not the minimum. Automate it.
- Put windfalls (tax refunds, bonuses) straight on the highest-APR balance.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on your balance, APR and payment. At $6,500 and 22.9% APR, paying a fixed $250 a month clears it in about 3 years; paying only the shrinking minimum can take well over a decade. Enter your own numbers above.
How is the credit card minimum payment calculated?
Many issuers use interest and fees for the month plus 1% of the balance, with a floor of around $25–$40. Others use a flat 2–3% of the balance. Check your statement; this calculator lets you set the percentage and floor.
Why does paying the minimum take so long?
The minimum falls as the balance falls, so you never speed up. Most of each minimum goes to interest. Keeping your payment fixed at today’s minimum or higher is the simplest way to shorten payoff dramatically.
Should I use the avalanche or snowball method?
The avalanche method pays extra on the highest-APR card first and saves the most interest. The snowball method clears the smallest balance first for quick wins. Both beat paying minimums on everything.
Will a balance transfer help?
A 0% intro APR can save a lot if you clear the balance before the promotion ends, but transfer fees are commonly 3–5%. Model the fee by adding it to the balance and setting the APR to 0.