Credit Card Payoff Calculator
See how long payoff takes and how much interest you'll pay at your planned monthly payment — compared against paying only the minimum.
The minimum payment trap
Card issuers typically require a minimum payment of around 2-5% of your outstanding balance (or a fixed floor amount, whichever is higher). Paying only that minimum feels manageable, but at typical credit card APRs, most of a small minimum payment goes toward interest, not principal — which is exactly what this calculator's comparison is built to show.
Why the minimum payment shrinks over time
Because the minimum is usually calculated as a percentage of the current balance, it shrinks as your balance shrinks — which means payoff slows down even further as you go, rather than staying constant. This is why minimum-only payoff timelines can stretch out for years even on a modest balance.
What paying more actually changes
A fixed payment above the minimum does two things: it pays down principal faster (so less of the balance sits there accruing interest), and it doesn't shrink over time the way a percentage-based minimum does. Both effects compound — which is why even a moderately higher fixed payment can cut both the payoff time and total interest paid dramatically.
How to use this calculator
- Enter your current balance and APR.
- Enter the fixed monthly payment you're planning to make.
- Compare it against paying only the typical issuer minimum each month — see the difference in both payoff time and total interest.
Frequently asked questions
This calculator will tell you the balance never pays off at that payment level — a real and important thing to know before committing to a payment plan.
It varies by issuer, typically 2-5% of the balance or a fixed floor amount (whichever is higher). This calculator uses 2.5% as a reasonable default — check your actual card agreement for the exact figure.
Sometimes it's the only option available in a given month, but as a long-term strategy it typically costs far more in total interest and takes years longer than a fixed higher payment would.