Credit Card Payoff Calculator
See how long it takes to pay off a credit card with a fixed payment, or how much minimum payments really cost.
About this calculator
This calculator simulates paying off a credit card month by month. Each month interest accrues on the remaining balance at your APR divided by 12, your payment is applied, and whatever is left rolls to next month. With a fixed payment you pay the same amount every month until the card is paid off. With a minimum payment the required amount is recalculated each month as a percentage of the current balance (with a dollar floor) — this is why minimum payments alone can stretch a payoff across decades and multiply the interest you pay.
Field explanations
- Current balance
- The amount you currently owe on the credit card.
- APR
- Annual percentage rate charged on unpaid balances. Divided by 12 to compute monthly interest.
- Payment strategy
- Choose a fixed monthly payment or a recurring minimum payment.
- Monthly payment
- The same amount you'll pay every month. Must be larger than the first month's interest or the balance never shrinks.