Credit Card Payoff Calculator
Create a plan to eliminate credit card debt.
Your Payment Plan
4 yr 4 mo
Payoff Time
Total Interest: $2,798
Minimum Payment Only
N/A
Payoff Time
Total Interest: $0
Learn More
Understanding This Calculator
What this calculator does
This calculator focuses on a single credit card, showing how long it takes to pay off and how much interest you save by paying more than the minimum.
How to use the results
- 1.Enter your card balance, APR, and the monthly payment you can make.
- 2.Compare the result to your minimum payment to see the time and interest saved.
- 3.Use the slider or input to test different payment amounts.
Worked example
A $5,000 balance at 22% APR with a $100 minimum takes about 28 years and costs over $8,000 in interest. Bumping to $250/month pays it off in about 2 years with ~$1,200 in interest.
Important assumptions & limitations
- •Assumes no new charges on the card during payoff.
- •APR is assumed constant; promotional rates expire and change the math.
- •Minimum payment is typically 1–3% of balance plus interest — the calculator uses your entered figure.
Frequently asked questions
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Mike Starr
Founder, FinanceWizardTools · M.S. Organizational Management