Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card and how much interest you'll pay. Compare minimum payments vs fixed payments and see how much you can save.
Credit Card Details
Payment Strategy
Time to Pay Off
Savings vs Minimum Payments
Payment Comparison
| Monthly Payment | Months to Payoff | Total Interest | Total Paid |
|---|---|---|---|
| Minimum (~$100) | 600 | $45,140 | $47,123 |
| $100 | 167 months | $11,694 | $16,694 |
| $150 | 54 months | $3,045 | $8,045 |
| $200 | 35 months | $1,871 | $6,871 |
| $300 | 21 months | $1,081 | $6,081 |
| $400 | 15 months | $771 | $5,771 |
| $500 | 12 months | $604 | $5,604 |
Payoff Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $200 | $104 | $96 | $4,896 |
| 2 | $200 | $106 | $94 | $4,790 |
| 3 | $200 | $108 | $92 | $4,681 |
| 4 | $200 | $110 | $90 | $4,571 |
| 5 | $200 | $112 | $88 | $4,459 |
| 6 | $200 | $115 | $85 | $4,344 |
| 7 | $200 | $117 | $83 | $4,227 |
| 8 | $200 | $119 | $81 | $4,108 |
| 9 | $200 | $121 | $79 | $3,987 |
| 10 | $200 | $124 | $76 | $3,863 |
| 11 | $200 | $126 | $74 | $3,737 |
| 12 | $200 | $128 | $72 | $3,609 |
⚠️ The Minimum Payment Trap
Paying only the minimum on a $5,000 balance at 22.99% APR would take 600 months (50.0 years) and cost $45,140 in interest alone!
Credit Card Payoff Strategies
Pay More Than Minimum
Minimum payments are designed to keep you in debt. Even an extra $50-100/month can save thousands in interest and years of payments. Always pay as much as you can afford.
Balance Transfer
Consider a 0% APR balance transfer card if you have good credit. This gives you 12-21 months to pay down principal without interest. Watch for transfer fees (usually 3-5%).
Avalanche vs Snowball
With multiple cards, pay minimums on all, then put extra toward either the highest rate (avalanche - saves most money) or lowest balance (snowball - fastest wins).
Frequently Asked Questions
How long will it take to pay off my credit card?
It depends on your balance, APR, and payment amount. Example with $5,000 at 22% APR:
| Payment | Time to Payoff | Total Interest |
|---|---|---|
| Minimum (~$100) | 20+ years | $7,000+ |
| $150/month | 4.5 years | $2,800 |
| $200/month | 2.7 years | $1,500 |
| $300/month | 1.6 years | $850 |
Why is paying only the minimum bad?
Minimum payments are designed to maximize interest charges:
- They're typically only 2% of your balance
- Most goes to interest, not principal
- They decrease as balance drops, extending payoff
- You could pay 2-3x the original balance in interest
How much should I pay?
Pay as much as you can afford above the minimum. Good targets:
- Minimum goal: Pay off within 3 years
- Better goal: Pay off within 2 years
- Best: Pay off within 1 year
Even an extra $50-100/month makes a huge difference.
Should I do a balance transfer?
A 0% APR balance transfer can help if:
- You can pay off during the promo period (12-21 months)
- Transfer fee (3-5%) is less than interest you'd pay
- You won't add new charges to the card
- You have good credit to qualify