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Home › Debt & loans · Updated 2026-10-15

Credit card payoff calculator

Paying only the minimum on a credit card can take years and cost thousands in interest. Compare the minimum-payment path with a fixed monthly payment to see how much time and money you save.

  1. Enter your numbersDefaults are realistic examples; replace them with yours.
  2. Read results instantlyEverything updates as you type. Nothing is sent anywhere.
  3. Check the assumptionsSee exactly how we calculate, below.

How we calculate

Minimum = max(floor, balance × % + this month's interest); interest = balance × APR / 12
  • No new purchases; APR stays the same.
  • Card issuers calculate minimums differently. Check your statement for your card's formula.

Understanding your results

The minimum shrinks as the balance shrinks, which is why paying only the minimum drags on. A fixed payment that doesn't shrink clears the debt dramatically faster.

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Frequently asked questions

Why does paying the minimum take so long?

Most of each minimum payment goes to interest, and the minimum falls as your balance falls, so you pay down principal very slowly.

Would a balance transfer help?

A 0% balance-transfer card can save interest if you clear the balance before the promo ends; watch for 3–5% transfer fees.

How is credit card interest charged?

Most cards charge daily interest on your average daily balance; this calculator uses a monthly approximation.