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Credit Card Payoff Calculator

Updated January 2026

A credit card payoff calculator shows you how long it takes to become debt-free. Compare making minimum payments versus a fixed monthly payment to see how much interest you can save.

How to Use This Calculator

Enter your current credit card balance, APR, your desired monthly payment, and the minimum payment percentage. The calculator compares two scenarios side by side: paying only the minimum versus your chosen payment amount, showing months to payoff and total interest for each.

How It's Calculated

A month-by-month simulation applies the monthly periodic rate (APR / 12) to the remaining balance. Each month's interest is subtracted from the payment; the remainder reduces the principal. The simulation repeats until the balance reaches zero, tracking total months and cumulative interest paid.

Frequently Asked Questions

Paying only the minimum can keep you in debt for decades. On a $5,000 balance at 20% APR with a 2% minimum payment, it would take over 30 years and cost more than $8,000 in interest — far exceeding the original balance. This is because most of your minimum payment goes toward interest, with very little reducing the principal. The exact time depends on the balance, APR, and the minimum payment formula (typically 1–3% of the balance or a flat $25–$35).
Total interest depends on your balance, APR, and payment strategy. A $10,000 balance at 22% APR paid at the 2% minimum would cost over $18,000 in interest and take more than 30 years. The same balance paid at $350 per month would cost about $4,400 in interest and be paid off in about 3.5 years. Every dollar above the minimum payment goes directly to reducing principal, saving you significant interest.
Even small extra payments make a dramatic difference. On a $10,000 balance at 20% APR, paying the 2% minimum takes 40+ years with $22,000+ in interest. Increasing your payment to $250/month cuts that to 5 years with $5,000 in interest — saving over $17,000. At $400/month, you're debt-free in under 3 years with $2,700 in interest. Use this calculator to find the payment amount that fits your budget and see exactly how much sooner you'll be debt-free.

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