How this credit card payoff calculator works
Enter your current balance, the card's APR and how much you plan to pay each month. The calculator simulates month-by-month how your balance shrinks — each month interest is charged on the remaining balance, then your payment reduces it. The result shows when the balance hits zero and the total interest cost.
Why the minimum payment is a trap
Credit card minimum payments are usually 1–2% of the balance, which often barely exceeds the monthly interest charge. This means almost nothing goes toward reducing principal. A $5,000 balance at 22% APR costs about $92 in interest the first month — a $100 minimum payment reduces the balance by just $8. Pay as much over the minimum as you can afford.
The fastest way to pay off credit card debt
Every dollar above the minimum payment goes straight to principal. Even an extra $50–$100 per month can cut years off your payoff timeline and save hundreds in interest. If you have multiple cards, see the debt payoff calculator to compare the snowball and avalanche strategies. For general loans, the loan payoff calculator shows amortization for fixed-rate debt.
Frequently asked questions
- How long does it take to pay off a credit card?
- At 22% APR with $150/month, a $5,000 balance takes about 4 years and costs over $2,000 in interest. Paying more each month dramatically cuts both.
- What happens if I only make the minimum payment?
- Minimum payments barely cover interest. A $5,000 balance at 22% APR on a $100 minimum takes over 8 years and nearly doubles the original debt in interest costs.
- How does APR affect payoff?
- Higher APR means more of each payment is consumed by interest. At 24% APR, a $5,000 balance costs $100 in interest the first month alone.
- Is this calculator free?
- Yes — free, no sign-up, runs entirely in your browser.