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Credit Card Payoff Calculator

Compare paying a fixed amount each month against making only the minimum payment — and see exactly how much time and interest you save.

$
$
$
Pay it off in —
Interest with your payment
$0

If you only pay the minimum:

Time to pay off
—
Total interest
$0

Estimates assume a fixed APR and on-time payments. Your card's minimum-payment formula and rate can change — treat these as a guide, not a guarantee.

The minimum-payment trap, in numbers

Credit card minimums are designed to keep your account current — not to get you out of debt. Because the minimum shrinks as your balance shrinks, the last stretch of payoff crawls. This calculator shows both scenarios side by side so the difference is impossible to ignore.

How to escape it

  • Pay a fixed amount each month instead of the shrinking minimum — set it and forget it.
  • Target the highest-APR card first if you have several (the avalanche method).
  • Consider a balance transfer or consolidation loan to cut the interest rate while you pay down principal.

Understand how card interest is charged in What Is APR?, or model multiple debts with the Debt Payoff Calculator.

Frequently asked questions

Why is paying only the minimum so expensive?
Minimum payments are usually a small percentage of the balance (often around 1–3%). Early on, much of that goes to interest, so the balance falls slowly and interest keeps compounding. On a typical card, minimum-only payments can take well over a decade and cost more in interest than the original balance.
How much should I pay each month?
As much as your budget reasonably allows above the minimum. The calculator shows how a fixed payment compares to the minimum so you can see the time and interest you save. Even an extra $50–$100 a month makes a large difference.
Would a balance transfer help?
A 0% intro-APR balance transfer can pause interest for a set period, letting more of each payment hit principal — useful if you have a payoff plan and watch the transfer fee and the end date. Read our debt help guides first.

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