Credit Card Payoff Calculator
Find out how long it takes to clear your card and how much interest you'll pay based on what you pay each month. And see the minimum payment trap: what paying only the minimum really costs.
Tell us how much you pay per month and we'll tell you how long it takes.
⚠️ The minimum payment trap
If you paid only the bank's minimum (≈ 1% of balance + that month's interest), it would cost you:
How to use this calculator
- Enter the balance of your card and its annual interest rate (APR). You'll find it on your statement.
- Pick a mode: whether you know how much you can pay per month (fixed payment) or how many months you want (desired term).
- Read the results and compare your plan against paying only the minimum. The difference is usually striking.
Why the minimum payment is so expensive
The minimum payment is designed to keep debt around. Because it covers the interest and only a small slice of principal, the balance falls very slowly and interest keeps piling up for years. Paying a fixed amount—even a modest one—above the minimum changes the outcome entirely.
Frequently asked questions
What is the minimum payment trap?
A card's minimum payment is usually about 1% of the balance plus that month's interest. Because it pays down so little principal, the balance drops very slowly: a card can take 15–20 years to clear and cost more in interest than the original balance. Paying a fixed amount above the minimum cuts that time dramatically.
How is credit card interest calculated?
The annual rate (APR) is divided by 12 to get the monthly rate, applied to your balance. So the higher the balance and the longer you take to pay, the more interest piles up month after month.
Is it worth paying more than the minimum?
Almost always, yes. Any amount above the minimum goes straight to reducing principal, so you pay less total interest and finish much sooner. The calculator shows the exact savings.
Does the calculator store my data?
No. Everything is calculated in your browser and nothing is sent or saved. Reloading the page resets it to the example.
This tool is educational and provides estimates. It is not financial advice. Your actual card terms may vary.