Credit Card Payoff Calculator
See how long it takes to pay off credit card debt and the total interest cost.
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Time to Pay Off
2 yrs 10 mo
| Extra/mo | New Payment | Payoff Time | Interest Saved |
|---|---|---|---|
| +$25.00 | $225.00 | 2 yrs 5 mo | $269.19 |
| +$50.00 | $250.00 | 2 yrs 2 mo | $464.16 |
| +$100.00 | $300.00 | 1 yr 9 mo | $728.28 |
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The True Cost of Minimum Payments
Many credit card minimum payments are calculated as 2% of your balance or $25, whichever is higher. On a $5,000 balance at 22% APR, paying only the minimum:
- Takes approximately 9 years to pay off
- Costs about $4,200 in interest
- You'd pay back nearly double the original balance
The calculator above shows exactly how much faster you can pay off your balance -- and how much interest you save -- by paying more than the minimum each month.
Debt Payoff Strategies
The Avalanche Method: Pay off the card with the highest interest rate first, while making minimums on others. Mathematically optimal -- you'll pay less total interest.
The Snowball Method: Pay off the smallest balance first, regardless of interest rate. Psychologically motivating -- quick wins help you stay on track.
Both work. Research suggests the snowball method may lead to better follow-through because early wins maintain motivation. The best strategy is the one you'll actually stick to. Once you've paid off cards, use our debt-to-income calculator to see how your overall financial picture improves.
When to use this
You have credit card debt and you want to see the math — not a vague "pay more and you'll be fine," but the actual numbers. How many months until it's gone? How much of each payment goes to interest vs. principal? What happens if you throw an extra $50 or $100 at it each month?
This is especially useful when you're deciding between the avalanche method (highest APR first, mathematically optimal) and the snowball method (smallest balance first, psychologically motivating). Plug in your numbers for each scenario and compare. Both work — the best strategy is the one you'll actually stick with.
It's also a reality check. If your minimum payment barely covers the monthly interest charge, you need to see that spelled out. Credit cards at 20%+ APR are the most expensive debt most people carry, and the compounding works against you every month you carry a balance.
Good to know
Most of your early payments go to interest. At 20% APR, roughly 65% of your minimum payment goes to interest in year one. That ratio slowly shifts toward principal over time, but it's why payoff feels so slow at first.
Small extra payments have an outsized impact. Paying just $50/month extra on a $5,000 balance at 20% APR saves approximately $3,000 in total interest and cuts years off the payoff timeline. The "what-if" table makes this dramatically visible.
APR and interest rate are basically the same for credit cards. Technically, APR includes certain fees while the interest rate doesn't. But credit cards don't have origination fees or closing costs, so your APR and interest rate are effectively identical.
Balance transfer cards can save thousands. A 0% intro APR card (typically 12-21 months) lets every dollar go to principal. If you can pay off the balance within the promo period, you pay zero interest. Just watch for the transfer fee (usually 3-5%).
Minimum payments are designed to be slow. Card issuers typically set minimums at 1-3% of the balance. That's not a suggestion for how much to pay — it's the least they'll accept without penalizing you.
Quick Reference
| Balance | APR | Minimum Only | $200/month | $400/month |
|---|---|---|---|---|
| $2,000 | 18% | ~11 years, $1,800 interest | ~11 months, $180 interest | ~5 months, $90 interest |
| $5,000 | 20% | ~34 years, $8,600 interest | ~2.5 years, $1,300 interest | ~14 months, $570 interest |
| $10,000 | 24% | ~40+ years, $25,000+ interest | ~8 years, $8,600 interest | ~3 years, $3,400 interest |