Pay off debt
Credit Card Payoff Calculator
Your credit card details
Estimated payoff time
Loading estimate
- First estimated minimum payment
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- Estimated payoff date
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- Total interest
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- Total amount paid
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- Number of monthly payments
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Payment comparison
Estimated minimum payments
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- Payoff time
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- Total interest
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- Total paid
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Your monthly payment
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- Payoff time
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- Total interest
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- Total paid
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Credit card balance over time
For educational purposes only. This is not financial advice. Seek appropriate professional advice before making any financial decisions.
Understanding a credit card payoff
This calculator estimates payoff time and interest under an estimated minimum payment and a fixed monthly payment.
Why minimum payments can take so long
Estimated minimum payments usually become smaller as the balance falls. This may make the monthly bill easier to manage, but it also slows how quickly the remaining balance is reduced.
At the beginning, a larger share of each payment may go toward interest. As the balance falls, the interest charge usually becomes smaller.
Why a fixed monthly payment changes the result
A fixed payment stays the same as the balance and interest charge decline. That leaves more of each later payment to reduce the amount owed and can shorten the payoff time and reduce total interest.
For example, continuing to pay $200 instead of allowing the payment to fall with the balance may shorten the payoff period and reduce total interest.
What the minimum payment does and does not do
The minimum payment is the amount required to keep the account current under the card agreement. It can avoid a late payment, but it may leave much of the balance in place. A larger fixed payment can reduce the balance faster, while a smaller payment leaves more time for interest to be charged. Each card issuer uses its own minimum-payment formula.
Key takeaway
Minimum payments can keep the monthly bill lower, but keeping your payment from shrinking can help you pay off the balance sooner and pay less interest.
Helpful terms
- Balance
- The amount currently owed on the card.
- APR
- The annual percentage rate used to describe the card’s interest cost.
- Minimum payment
- The smallest payment required for a billing period.
- Fixed monthly payment
- A payment amount that stays the same as the balance falls.
- Interest
- The cost charged for carrying the balance.
- Principal
- The part of a payment that reduces the balance.
- Payoff time
- The estimated amount of time needed for the balance to reach zero.
- Total interest
- The estimated interest paid from now until the balance is paid off.
Sources: CFPB credit-card payment guide and CFPB on minimum payments.