Credit card payoff calculator
See how long your balance will take to clear at the payment you can afford, or what it takes to clear it by a certain date.
Time to pay off
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- Total interest
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- Total you pay
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- Debt-free by
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- Interest this month
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Why the minimum payment keeps you in debt
Credit card interest is charged on the balance you carry each month. At 24% APR, a $5,000 balance builds up roughly $100 in interest in a single month. A payment close to that amount barely touches the balance; a payment below it lets the balance grow.
Card minimums are often set as a small percentage of the balance, so they shrink as the balance does. That keeps the payment comfortable but stretches payoff across many years. Paying a fixed amount every month, even modestly above the minimum, shortens the timeline dramatically.
Ways to get there faster
- Ask for a lower rate. If you’ve paid on time, call the issuer and ask. A few points off the APR changes the math.
- Pay before the statement closes to cut the balance that interest is calculated on and the balance reported to the credit bureaus.
- Pick an order for multiple cards. See how the avalanche and snowball methods compare.
- Consider consolidation only if the new rate, fees included, is lower. Our consolidation checklist walks through it.
How to use these results. Estimates assume a fixed rate and on-time payments and are for illustration only. Your lender’s disclosures are the final word on your rate, fees and payment.