Credit card payoff depends on the balance, the APR and your monthly payment, and because the balance compounds, making only the minimum stretches it out for years. A free credit card payoff calculator steps through each month in your browser and shows the payoff time and total interest for any payment amount.
Free credit card payoff calculator. See how long a card takes to clear at a fixed payment, the interest cost, and how a bigger payment saves you money.
Open Credit Card Payoff Calculator → Free toolFree debt payoff calculator. See how many months to clear a balance at a fixed monthly payment, the total interest paid and the true payoff time.
Open Debt Payoff Calculator →Card minimums are often set as a small percentage of the balance, which shrinks as the balance shrinks, so each payment gets smaller just as most of it goes to interest. That is why paying only the minimum on a high-APR balance can take many years and cost more in interest than the original purchases. Fixing your payment at a flat amount, rather than a percentage, pays it off far sooner.
Enter your balance, the card APR and the monthly payment you can commit to, and the calculator returns the number of months to zero and the interest you will pay along the way. Trying a slightly higher fixed payment usually shows a surprisingly large drop in both the timeline and the total interest, which makes the case for paying above the minimum concrete.
The minimum is usually a percentage of the balance, so it falls as the balance falls, and most of it covers interest on a high APR. Progress on the principal is slow.
Your current balance, the card APR, and the monthly payment you plan to make. The calculator handles the month-by-month interest.
Yes. Committing to a flat monthly amount, rather than the shrinking minimum, pays the card off much faster and cuts total interest.