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Credit Card Payoff Calculator

Find out how long it'll take to pay off a credit card, with a fixed monthly payment or a percent-of-balance minimum payment.

Inputs

Used when paying a fixed amount every month.

Used when paying only the card's minimum. Most issuers use 1-4% of the balance.

The smallest minimum payment allowed, even on a low balance, common on real cards.

Result

Months to pay off

36

Total interest paid$2,135.16
Total amount paid$7,135.16

How the calculation works

In fixed-payment mode, this works the same way as any fixed-rate payoff: interest accrues on the balance each month, then your set payment is applied, until the balance reaches zero. In percent-of-balance mode, the payment itself is recalculated every month as a percentage of whatever balance remains (or a dollar floor, whichever is larger), which is how many real credit card minimum payments work. Because that payment shrinks along with the balance, percent-of-balance minimum payments take dramatically longer, and cost dramatically more in interest, than a fixed payment of the same starting size; if your minimum percentage doesn't clear your monthly interest rate, the balance can fail to shrink at all.

Formula

Fixed mode: each month, Interest = Balance × (APR ÷ 12), then a fixed payment is applied. Percent-minimum mode: each month's payment is recalculated as max(Balance × Minimum %, Floor), so the payment shrinks as the balance shrinks.

Examples

  • $5,000 balance, 24.99% APR, $200/month fixed payment

    36 months to pay off, $2,135.16 total interest ($7,135.16 total paid)

  • $5,000 balance, 24.99% APR, 3% minimum payment (min $25)

    240 months to pay off, $9,456.32 total interest ($14,456.32 total paid), over 6x the interest of the $200 fixed payment

FAQ