Credit Card Payoff Calculator
Compare paying only the minimum vs. adding an extra payment on your credit card balance.
How this calculator works
- Enter your current balance and the card's APR.
- Enter your minimum payment (often a percentage of the balance, or a fixed floor amount from your statement).
- Optionally add an extra payment amount.
- The calculator simulates both scenarios month by month and compares months to payoff and total interest.
Credit cards typically charge a high APR and require only a small minimum payment, which can stretch payoff out for years and rack up interest. This calculator shows exactly how long that takes, and how much faster (and cheaper) it is to add even a modest additional payment.
Example
A $3,000 balance at 24% APR with a $90 minimum payment takes about 45 months and costs roughly $1,180 in interest. Adding $60 extra ($150 total) cuts that to about 23 months and around $500 in interest.
Limitations
Real minimum payments often shrink as your balance falls (e.g., 2% of remaining balance), while this tool uses the flat amount you enter for simplicity — so real payoff may take slightly longer than shown if your minimum decreases over time. This is an estimated calculation, not financial advice.
Frequently asked questions
How much interest will I pay on my credit card?
Enter your balance, APR and payment amount — the calculator simulates the balance monthly and totals the interest charged until it reaches zero.
Should I pay more than the minimum?
Paying only the minimum on a high-APR card usually means paying far more in interest over a much longer time. Compare the two plans here to see your specific numbers.
What's a typical credit card APR?
APRs vary widely by card and by your credit profile — check your card's terms or latest statement for your exact rate rather than assuming a typical figure.
Does this account for new purchases?
No — this assumes no new charges are added to the balance while it's being paid down.