Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card debt. Compare minimum payments vs fixed monthly payments, see total interest paid, and create a payoff strategy.
How to Use This Calculator
- Enter your current credit card balance
- Input your card’s APR (Annual Percentage Rate)
- Choose your payment strategy:
- Minimum payment (percentage or fixed amount)
- Fixed monthly payment to pay off faster
- Optionally add extra one-time payments
- Click Calculate to see your payoff timeline and total interest
Credit Card Details
Payment Strategy
Additional Payments (Optional)
💳 Understanding Credit Card Interest
Credit cards charge interest on outstanding balances using your Annual Percentage Rate (APR). Interest is typically calculated daily and compounds monthly. Making only minimum payments can result in paying 2-3 times your original balance in interest over time. This calculator shows the true cost of credit card debt and how much you can save by paying more than the minimum.
⚠️ The Minimum Payment Trap
Why minimum payments are dangerous: Credit card companies typically set minimum payments at 1-3% of your balance or $25 (whichever is greater). At these rates, it can take decades to pay off your debt, with most of your payment going to interest. For example, a $5,000 balance at 18.99% APR with 2% minimum payments takes over 30 years to pay off and costs $11,000+ in interest!
💰 Smart Payoff Strategies
- Fixed Payments: Pay a consistent amount above the minimum each month
- Avalanche Method: Pay minimums on all cards, extra on highest APR card
- Snowball Method: Pay minimums on all cards, extra on smallest balance
- Balance Transfer: Move debt to a 0% APR promotional card
- Debt Consolidation: Combine debts into a lower-rate personal loan
📊 What This Calculator Shows
- Payoff Timeline: Exactly when you'll be debt-free
- Total Interest: How much extra you'll pay over the life of the debt
- Monthly Breakdown: Principal vs. interest for each payment
- Comparison Scenarios: Minimum payments vs. your chosen strategy
- Savings Potential: How much faster/cheaper with extra payments
- Visual Progress: Charts showing your debt decreasing over time
🎯 Tips to Pay Off Faster
- Round Up: Round payments to the nearest $50 or $100
- Bi-Weekly Payments: Pay half your payment every 2 weeks (26 half-payments = 13 full payments/year)
- Windfalls: Apply bonuses, tax refunds, and gifts directly to principal
- Side Income: Dedicate gig economy earnings to debt payoff
- Stop Using: Freeze or cut up cards to avoid adding new debt
- Negotiate APR: Call and ask for a lower rate, especially if you've been a good customer
🔗 Save & Share Your Payoff Plan
Your calculation is automatically saved in the URL. You can bookmark this page to track your progress, or use the Share button to send your payoff plan to others. When you return or share the link, all values will be restored automatically.