Credit Card Payoff Calculator
Minimum payments are designed to keep you in debt for years. A fixed payment, even a modest one, changes the math completely.
2 yr 8 mo to pay off
- Total interest
- $1,979
- Total paid
- $7,979
- Minimum-payment path
- 89 yr 10 mo $54,419 interest
How it works
Interest accrues monthly on the balance. A fixed payment is applied until the balance clears; the minimum-payment path recomputes a shrinking required payment each month for comparison.
Explain it to a kid
A credit card lets you buy something now and pay for it later — but if you don't pay it all back quickly, the card company adds extra cost on top called interest, and it can pile up fast. It's like borrowing a toy from a friend who charges you a little more every week you keep it.
Frequently asked questions
Why do minimum payments take so long to pay off a card?
The minimum is usually about 1–3% of the balance, so it shrinks as the balance shrinks. Early on, most of it goes to interest. A $6,000 balance at 22% APR paid at the minimum can take well over a decade and cost more in interest than the original balance.
How much should I pay each month to be debt-free by a date?
Switch the calculator to 'payment needed to finish by a date,' enter the balance, APR, and number of months, and it solves for the fixed monthly payment that clears the card exactly on schedule.
Should I pay off my highest-interest card first?
Mathematically yes — targeting the highest APR (the 'avalanche' method) minimises total interest. Some people stay motivated better by clearing the smallest balance first (the 'snowball' method). Both beat paying only minimums.
Does a balance transfer help?
A 0% introductory-APR balance transfer can stop interest for 12–21 months, but there's usually a 3–5% transfer fee, and the rate jumps after the promo period. It helps most if you can clear the balance before the intro period ends.