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Credit Card Payoff Calculator

See how long it takes to pay off a credit card and how much interest you will pay.

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Payoff mode

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Time to pay off

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Payoff date

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Total interest

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Total paid

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The minimum-payment trap

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Payment breakdown

Quick Answer

A $6,000 credit card balance at 22% APR takes 40 months to pay off at $200/month, costing about $2,380 in interest. Pay only a 2% minimum and the same balance takes over 25 years and costs more than $9,800 in interest — over 1.6× the original debt.

How to use this credit card payoff calculator

Enter your balance and APR from your latest statement. Then choose a mode: see how long a fixed monthly payment takes, or flip to "debt-free in X months" and the calculator solves for the payment required. Compare either result against the minimum-payment trap panel — that gap is the cost of doing nothing.

The math

Each month: interest = balance × (APR ÷ 12), then principal = payment − interest. To find the payment for a target timeframe, the calculator uses the amortization formula solved for payment:

M = P × [r(1 + r)n] ÷ [(1 + r)n − 1]

  • M — required monthly payment
  • P — current balance
  • r — monthly rate (APR ÷ 12)
  • n — target months

What the results tell you

The single most important line is the minimum-payment trap: issuers set minimums near 1–3% of the balance specifically to maximize interest collected over decades. Every dollar above the minimum goes straight to principal and compounds in your favor. If you carry balances on several cards, the debt payoff calculator sequences them for you — highest APR first saves the most.

What this calculator doesn't include

New purchases, late fees, penalty APRs, and promotional rate expirations are not modeled — it assumes the card is frozen while you pay it down (which is also the right strategy). Real statements use daily compounding, so figures may differ by a few dollars.

Frequently Asked Questions

How is credit card interest calculated?
Cards divide your APR by 365 to get a daily rate, then apply it to your average daily balance. A 24% APR is about 0.0658% per day — roughly 2% per month. This calculator uses the monthly approximation (APR ÷ 12), which tracks real statements within a few dollars.

Why does paying the minimum take so long?
Minimums are typically 1–3% of the balance — barely above the monthly interest charge. On $6,000 at 22% APR, a 2% minimum ($120) puts just $10 toward principal in month one. Worse, the minimum shrinks as the balance falls, stretching payoff past 20 years.

Is it better to pay a fixed amount or a percentage of the balance?
Fixed amount, always. A fixed payment stays constant as the balance falls, so an ever-larger share attacks principal. A percentage-based payment (like the minimum) shrinks with the balance, which is exactly why minimum payments trap people for decades.

Will a balance transfer help me pay off my card faster?
A 0% intro APR transfer (typical fee: 3–5%) stops interest for 12–21 months, so every dollar hits principal. It helps only if you pay the balance down aggressively during the promo and don't add new charges. Compare the transfer fee against the interest this calculator shows you'd otherwise pay.

Should I pay off my card or save first?
Keep a small emergency buffer ($1,000 or so) so a surprise expense doesn't go straight back on the card, then attack the card. A 22% APR is a guaranteed 22% return for paying it off — no savings account competes with that.

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Official sources

Rules and dollar limits change. Confirm current amounts with the official pages below before you act.

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