Credit Card Payoff Calculator
Find out how long your card takes to clear and what it truly costs.
Please note: A planning estimate. Card issuers can change the APR, and minimum-payment rules vary between issuers and jurisdictions, so your statement is the authority on what you owe.
What the Credit Card Payoff Calculator does
Credit card interest compounds monthly on a balance that minimum payments barely dent. Because the minimum is a percentage of the balance, it falls as you pay — which is what stretches a modest debt across many years.
Formula
Monthly interest = Balance × APR ÷ 12Minimum payment = max(Balance × min rate, floor)Balance = Balance + Interest − Payment, repeated monthly
Inputs explained
| Input | Unit | Required | Notes |
|---|---|---|---|
| Card balance | selected currency | Yes | Accepts more than 0. |
| APR | % | Yes | — |
| Payment approach | one of 2 options | Yes | — |
| Monthly payment | selected currency | In some modes | Accepts 0 or more. Shown Payment approach is Fixed monthly payment. |
| Minimum payment rate | % | In some modes | Percent of balance, typically 1–3%. Shown Payment approach is Minimum payment only. |
| Minimum payment floor | selected currency | In some modes | Accepts 0 or more. Shown Payment approach is Minimum payment only. |
| Currency | one of 10 options | Optional | — |
How to use it
- Choose Payment approach and Currency.
- Enter Card balance and APR.
- Fill in the remaining inputs the form shows for your choice.
- Select Calculate.
Worked example
A $5,000 balance at 19.99% APR, paying only the 2% minimum with a $25 floor.
- Balance
- 5000
- APR
- 19.99
- Mode
- Minimum only
Over 30 years to clear and more than $10,000 in interest. A fixed $200 a month clears it in 2 years 8 months for about $1,300.
Frequently asked questions
Why do minimum payments take decades?
The minimum shrinks along with the balance, so the amount going to principal keeps falling. The final years are almost entirely interest on a small balance.
Is a balance transfer worth it?
Often yes, if you clear the balance within the 0% window. Factor in the transfer fee, usually 3–5%, and confirm the rate that applies afterwards.