Credit Card Payoff Calculator
How long to pay off a credit card at a fixed monthly payment, the payment needed to clear it by a date, and what paying only the minimum really costs — with a month-by-month balance table.
| Your plan | — |
|---|---|
| Total interest on your plan | — |
| Paying only the minimum | — |
| Interest saved vs minimum | — |
| Pay 50 more a month | — |
| Interest charged next month | — |
Balance by month
In short
Card interest is charged monthly at APR ÷ 12 on the balance. A 6,500 balance at 24.99% APR paid at 250 a month clears in 38 months with about 2,960 interest; paying only the minimum (interest + 1% of the balance) takes nearly 22 years and costs about 12,400.
Who this is for: Anyone carrying a card balance who wants a payoff date and the cost of minimum payments.
Why minimum payments take decades
Card interest is charged monthly at APR ÷ 12 on the outstanding balance. The usual minimum — that month's interest plus 1% of the balance — reduces the principal by just 1% a month, and as the balance shrinks so does the minimum, stretching the payoff over 20 years or more.
- Fixed payment: paying the same amount every month instead of the shrinking minimum is the single biggest accelerator; the calculator shows the gap.
- Extra 50 a month: on a typical balance it removes years, because every extra unit goes straight to principal.
- Balance transfer: a 0% promotional period converts the whole payment into principal; set APR to 0 and the months to the promo length to find the payment that clears it before the rate reverts.
- Avalanche order: with several cards, pay minimums on all and the extra on the highest APR — the debt payoff calculator compares strategies.
Assumptions
- Interest at APR ÷ 12 on the balance each month, payment applied after interest; no new purchases.
- Minimum-only scenario: that month's interest + the chosen % of the balance, with a floor; the simulation stops at 100 years.
- Deadline mode solves the level payment with the annuity formula.
Worked example
Cleared in 38 months with about 2,960 interest. Minimum payments only (interest + 1% of the balance, floor 25) take 262 months — nearly 22 years — and cost about 12,400 in interest. Paying 300 instead of 250 finishes in 30 months and saves roughly 720.
Frequently asked questions
How is credit card interest calculated?
Most issuers use an average daily balance at APR ÷ 365; this calculator uses the monthly equivalent (APR ÷ 12), which gives the same result to within a few units.
What is a good monthly payment?
Enough that interest is a small share of it — at least 3–5% of the balance, or whatever clears the card in under two years.
Should I pay off the card or save?
Card APRs of 20–30% exceed any safe return; paying the card first is almost always right, keeping a small emergency buffer.
Does this include new purchases?
No — it assumes you stop adding to the balance. New spending extends the payoff by the same arithmetic.
How long will it take to pay off 5,000 at 20% APR?
At 150 a month about 47 months with roughly 2,000 interest; at 250 a month, 24 months and about 1,050.
What happens if I only pay the minimum?
Each payment barely covers the interest, so a mid-sized balance takes 15–25 years to clear and costs more in interest than the original debt.
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