Credit Card Payoff Calculator
See how long it takes to pay off credit card debt and the total interest cost.
Time to Pay Off
2 yrs 10 mo
| Extra/mo | New Payment | Payoff Time | Interest Saved |
|---|---|---|---|
| +$25.00 | $225.00 | 2 yrs 5 mo | $269.19 |
| +$50.00 | $250.00 | 2 yrs 2 mo | $464.16 |
| +$100.00 | $300.00 | 1 yr 9 mo | $728.28 |
The True Cost of Minimum Payments
Many credit card minimum payments are calculated as 2% of your balance or $25, whichever is higher. On a $5,000 balance at 22% APR, paying only the minimum:
- Takes approximately 9 years to pay off
- Costs about $4,200 in interest
- You'd pay back nearly double the original balance
The calculator above shows exactly how much faster you can pay off your balance -- and how much interest you save -- by paying more than the minimum each month.
Debt Payoff Strategies
The Avalanche Method: Pay off the card with the highest interest rate first, while making minimums on others. Mathematically optimal -- you'll pay less total interest.
The Snowball Method: Pay off the smallest balance first, regardless of interest rate. Psychologically motivating -- quick wins help you stay on track.
Both work. Research suggests the snowball method may lead to better follow-through because early wins maintain motivation. The best strategy is the one you'll actually stick to. Once you've paid off cards, use our debt-to-income calculator to see how your overall financial picture improves.
Free Credit Card Payoff Calculator
Credit card debt compounds monthly, meaning you pay interest on interest. Enter your current balance, APR (Annual Percentage Rate), and monthly payment to see exactly how long it will take to pay off your debt and how much total interest you'll pay. The "what if" comparison table shows how increasing your monthly payment by $25, $50, or $100 dramatically reduces both the payoff time and total interest.
If your monthly payment barely covers the interest charges, payoff could take decades. Credit card APRs typically range from 15% to 25%, making them one of the most expensive forms of debt. Prioritizing credit card payoff over other financial goals often makes mathematical sense.
Strategies to Pay Off Credit Cards Faster
The avalanche method targets the highest-APR card first, minimizing total interest paid. The snowball method targets the smallest balance first, providing psychological wins. Both are effective — the best strategy is the one you'll stick with. Even small extra payments make a meaningful difference when interest rates are high.