Credit Card Payoff Calculator
Find your debt-free date — and see what minimum payments really cost you.
Credit card interest is charged on what you still owe, so the payment you choose matters as much as the balance itself. Pay a fixed amount every month and the balance falls steadily; pay only the minimum — usually interest plus about 1% of the balance — and most of your early payments feed interest instead of principal.
How to use
- Enter your current card balance and the card's APR (you will find both on your statement).
- Enter what you actually pay each month — a fixed dollar amount, not the minimum.
- Click "Calculate payoff" to see your debt-free date and total interest.
- Compare with the minimum-payment box: it shows how long the same balance takes when the payment shrinks every month.
About this tool
This calculator runs the month-by-month math for you: interest on the remaining balance, your payment applied first to interest and then to principal, until the balance reaches zero. It assumes no new charges, a fixed APR and no fees, so treat the result as a clear estimate rather than a statement prediction.
The comparison is the point. On a typical balance at a typical APR, minimum-only payments can stretch a debt past 20 years and cost more in interest than the original balance. A modest fixed payment often cuts that to a few years.
Frequently asked questions
How is a minimum payment calculated?
Most issuers use interest for the month plus about 1% of the balance, with a floor around $25. Your issuer's exact formula is in your cardholder agreement, so your real minimum may differ slightly from the model here.
Why does a fixed payment beat the minimum so easily?
Because the minimum shrinks as your balance falls, which keeps you in debt longer. A fixed payment stays the same while interest shrinks, so more and more of each payment attacks the principal.
Does this work for several cards at once?
Add your balances together with a rough average APR for a ballpark, but the cleaner approach is one card at a time — highest APR first (avalanche) usually saves the most interest.
Is my data sent anywhere?
No. Every calculation runs in your browser. Nothing you type ever leaves your device.
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