Credit Card Payoff Calculator

Free credit card payoff calculator — see the true cost of minimum payments, compare payoff strategies, and find your fastest path to zero balance.

Months to Pay Off
0
Total Interest
$0
Total Paid
$0
Interest vs Min Payment
$0
$
$500$50K
%
5%35%
$
$25$5K
💡 Minimum Payment Comparison
At 3% minimum payment: estimated payoff in — months with — in interest.

Balance Over Time

Formula Used

Monthly Interest = Balance × (APR / 12) Months to Payoff (fixed payment): n = -log(1 - B×r/P) / log(1 + r) Where: B = Current balance r = Monthly interest rate (APR/12) P = Fixed monthly payment (must > B×r) Minimum Payment Trap: At 3% minimum on $5,000 at 24% APR: Payoff time: ~22 years Total interest: ~$7,800 (more than the original debt!)

How This Credit Card Payoff Calculator Works

This calculator shows the true cost of credit card debt and compares your chosen payment against the minimum payment trap.

The Minimum Payment Trap

On a $5,000 balance at 24% APR with 3% minimum payments:

  • Minimum payment starts at ~$150/month, decreases over time
  • Payoff takes ~22 years
  • Total interest paid: ~$7,800 — more than the original debt!

Paying More Than the Minimum

Even small increases make a huge difference. Paying $300/month on that same $5,000 balance:

  • Payoff in ~2 years instead of 22
  • Total interest: ~$1,300 instead of $7,800
  • You save over $6,500

Frequently Asked Questions

How much will minimum payments cost me?
On a $5,000 balance at 24% APR with 3% minimum payments, you'd take 22 years and pay over $7,800 in interest — more than the original debt. Even small extra payments dramatically cut this.
Should I use the avalanche or snowball method?
Avalanche (pay highest-rate first) saves the most money mathematically. Snowball (pay smallest balance first) provides psychological wins that help people stick with it. The best method is the one you'll actually follow.
What is a good credit utilization ratio?
Keep total credit card usage below 30% of your total limit. Below 10% is even better for your credit score. A $10,000 limit means stay under $3,000 — ideally under $1,000.