Credit Card Payoff Calculator
Months to zero and the true interest cost of a balance at your planned payment, plus what doubling the payment changes.
Paying $400/mo instead would save $1,189 in interest.
Card interest compounds against you monthly at APR ÷ 12. At a fixed payment M on balance P, the payoff takes n = −ln(1 − P·i/M) / ln(1+i) months, and the formula has a cliff: as M approaches the monthly interest P·i, the payoff time approaches forever. That cliff is why minimum payments are designed the way they are.
Frequently asked questions
Why does paying only the minimum take decades?
Minimums are typically ~1–2% of the balance plus interest, engineered to keep most of your payment going to interest. A $5,000 balance at 24% on a 2%+interest minimum takes over 20 years and roughly doubles the total cost.
Should I pay off cards before investing?
Card APRs of 20%+ exceed any reliable investment return, paying the balance is a guaranteed 20%+ risk-free return. Beyond an employer 401(k) match (usually worth capturing first), high-interest debt is the best 'investment' available.
Do balance transfers make sense?
A 0% transfer with a typical 3–5% fee saves real money if you can clear the balance inside the promo window, divide your balance by the promo months here (as the required payment at 0%) to check feasibility before transferring.
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Calculators model hypothetical outcomes from the inputs you provide. They are informational only, not financial, investment, tax, or legal advice.