Credit Card Payoff Calculator
See exactly how long minimum payments really take, then compare it to paying more each month.
How this calculator works
Credit card "minimum payments" are a moving target: most issuers set the minimum at about 1% of your current balance plus that month's interest, with a fixed dollar floor (often $25). As your balance shrinks, the minimum shrinks too, which is exactly why minimum-only payoffs stretch out for years. This calculator simulates your balance month by month under both paths: paying only that minimum, and paying the fixed amount you choose.
Worked example
$3,000 balance at 22% APR: paying only the minimum (1% of balance + interest, floored at $25) takes 180 months (15 years) and costs $4,433 in interest. Paying a fixed $150/month instead pays it off in 26 months (about 2.2 years) for $771 in interest (a saving of roughly $3,662 and 154 months, just from picking a fixed higher payment).
Frequently asked questions
Why does the minimum payment formula matter so much?
Because the minimum keeps shrinking as your balance does, a huge share of each early payment goes to interest, not principal. Paying a fixed amount above the minimum keeps chipping away at principal at a steady pace instead.
Is 1% of balance + interest the same on every card?
No. Card agreements vary: some use 1%, some 2%, some a flat percentage of the original balance. Check your card's terms for the exact formula; this calculator uses the common modern formula described by the Consumer Financial Protection Bureau.
What if I add new charges while paying this off?
This calculator assumes no new charges are added after month one. New charges reset the clock and add more interest on top of what's shown here.
Does a balance transfer help?
A 0% promotional APR balance transfer can cut interest dramatically while it lasts, but this calculator models a single fixed APR for the life of the balance. Run the numbers again with your promo rate and the rate it reverts to.
Should I pay the minimum on every card and throw extra at one?
That's the debt avalanche/snowball approach: pay minimums everywhere, then put every extra dollar on one target card. This calculator is built for a single card; use it on the one you're focusing extra payments on.
Assumptions & sources
- Minimum payment = 1% of the current balance + that month's interest, floored at $25: the common modern issuer formula described by the CFPB's minimum payment explainer.
- Fixed APR for the life of the balance, no new charges, no fees, no missed/late payments.
- Interest is calculated monthly on the remaining balance (APR ÷ 12).
Educational estimates, not financial advice.