Does this match my card's actual minimum payment?

Not necessarily — minimum payment formulas vary by card issuer (commonly a percentage of the balance plus a floor amount, per the CFPB). Enter your card's actual minimum from your statement for an accurate result, not a guessed formula.

Why is my total interest so much higher than the balance itself?

High APRs compound over a long payoff period — at a low fixed payment, more of each early payment goes to interest than principal, which is exactly the situation increasing your payment (even slightly) helps most.

Is the avalanche or snowball method better?

Avalanche (highest APR first) minimizes total interest paid mathematically. Snowball (smallest balance first) usually costs a bit more but keeps many people motivated by clearing individual balances faster — the 'better' method is whichever one you'll actually stick with.

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Finance

Credit Card Payoff Calculator

How long to pay off a balance, and interest saved by paying extra.

🔒 Runs entirely in your browser — nothing here is ever uploaded

About the Credit Card Payoff Calculator

Calculates how long it will take to pay off a credit card balance at a given monthly payment, and how much total interest you'll pay — plus how much time and interest an extra monthly payment would save.

How to use it

Enter your Current balance and the card's APR.
Enter the Monthly payment you plan to make — your card's actual minimum payment, or any fixed amount.
Optionally enter an Extra monthly payment to see the acceleration effect.
Read your payoff time and total interest in the result panel.

Formula

Each month: interest = balance × (APR ÷ 12), then the payment is applied to the balance plus that interest, repeated until the balance reaches zero. If the payment doesn't exceed that month's interest charge, the balance never shrinks — the calculator detects and reports this rather than showing a misleading payoff date.

Same underlying amortization relationship as any other revolving or installment loan — see the Loan EMI calculator's sourcing. Card issuers calculate their own minimum payment differently (commonly a percentage of the balance plus a floor, though this varies by issuer per the CFPB), so this tool asks for your actual payment rather than guessing your card's specific minimum-payment formula.

Worked example

A $5,000 balance at 22.9% APR paid at $200/month takes about 2 years 11 months and costs roughly $1,860 in interest — nearly 40% of the original balance; adding $100/month extra saves real time and real money, though the exact amount depends on your own balance and rate.

Recommendations

• Paying only the minimum on a high-APR card can mean paying more in interest than the original balance — check the 'never pays off' warning if your payment barely covers interest.
• If you're carrying balances on multiple cards, paying the highest-APR card first (the 'avalanche' method) minimizes total interest; paying the smallest balance first (the 'snowball' method) tends to keep people motivated even though it costs slightly more.
• A balance-transfer card with a 0% introductory period can be worth far more than paying extra on a high-APR card — model both scenarios before deciding.

Frequently asked questions

Because your payment doesn't exceed the interest charged that month — the balance would grow, not shrink. Increase the payment above the monthly interest amount (shown implicitly: balance × APR ÷ 12) to make real progress.