Credit card payoff calculator
This credit card payoff calculator shows how many months a fixed payment takes to clear your balance and the total interest along the way.
Why minimum payments take so long
Card interest is high, and the minimum payment is often only slightly more than the monthly interest. Paying only the minimum can take decades and cost more in interest than the original balance. The calculator warns you when a payment does not even cover the interest.
A fixed payment above the minimum has an outsized effect: raising the payment by $50 can cut years from the payoff.
Strategies that work
Pay the highest-APR card first while paying minimums on the others (the avalanche method), or the smallest balance first for momentum (the snowball method). A balance-transfer card with a 0% introductory rate or a lower-rate personal loan can cut the interest, but watch transfer fees and the date the promotional rate ends.
How the monthly payment changes the payoff
A $6,000 balance at 22% APR costs $110.00 in interest in the first month. Any payment close to that barely moves the balance.
| Monthly payment | Months to pay off | Total interest |
|---|---|---|
| $150 | 73 | $4,913 |
| $250 | 32 | $1,979 |
| $350 | 21 | $1,269 |
| $500 | 14 | $839 |
Frequently asked questions
How is credit card interest calculated?
Issuers usually charge daily interest on the average daily balance at the APR divided by 365. This calculator uses a monthly approximation, so it is close but not exact.
Is a balance transfer worth it?
It can be if the introductory rate is low and you can repay before it ends, after counting the transfer fee, often 3% to 5%.
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Estimates from standard loan formulas, not a loan offer or financial advice. Example rates are assumptions: use your own quote.