Finance

Credit Card Payoff Calculator

See how long it takes to pay off your balance and how much interest you'll pay at different payment levels.

Current Balance ($)

APR (%)

Monthly Payment ($)

Min Payment (% of balance)

Typical: 1-3% or $25 minimum

Formula:
Monthly Interest = Balance × (APR / 12)
Principal Paid = Payment − Monthly Interest
Min Payment = max($25, Balance × Min%)

The True Cost of Minimum Payments

Paying only the minimum on a $5,000 balance at 23% APR can take 20+ years and cost over $8,000 in interest. Even a small increase in monthly payment dramatically reduces payoff time.