Credit Card Payoff Calculator
See how long it takes to pay off your balance, total interest paid, and how much you save by paying more than the minimum.
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Payoff time
4 yr 8 mo
Total interest
$3,322
Total paid
$8,322
Debt-free date
Dec 2030
vs. Minimum Payment
Extra interest saved
$15,217
Time saved
14 yr 10 mo
Min would take
19 yr 6 mo
Balance Over Time
Frequently Asked Questions
- How is the payoff time calculated?
- Each month, interest is calculated as (APR ÷ 12) × balance. Your payment covers interest first, then reduces the principal. This repeats until the balance hits zero.
- What is a minimum payment?
- Most cards charge 1–3% of the balance or a fixed minimum (e.g. $25), whichever is higher. Paying only the minimum can take 10–20 years on large balances and cost several times the original amount in interest.
- What APR should I enter?
- Use the APR shown on your credit card statement — typically 18–30% for most cards. Don't confuse APR with monthly rate. If your card says 2% monthly, the APR is 24%.
- Is this tool free?
- Yes, 100% free. All calculations run in your browser — no data is sent to any server.
- Does it work for loans too?
- Yes. The same calculation applies to any fixed-rate debt — personal loans, car loans, buy-now-pay-later plans. Enter the balance, annual rate, and your monthly payment.