Credit Card Payoff Calculator
See how long your card balance will really take to clear, what it costs in interest, and how much a bigger fixed payment changes the story.
Minimum payments vs a fixed plan
Your card's first month of interest alone is $135.36.
How the balance falls
Explain my numbers in plain English
Sends only the numbers shown above (and your question) to an AI model via Vercel AI Gateway. Nothing is stored. It's a plain-language read, not financial advice.
The minimum-payment trap
A card's minimum is designed to shrink with your balance, commonly 1% of what you owe plus that month's interest. That sounds responsible, but it means your payment falls every month and the last few hundred dollars take years. Switch between "Fixed amount" and "Minimum payments" above and compare the dashed line with the solid one.
The fix is simple, if not easy: pick a fixed payment and keep paying it even as the balance drops. Every dollar above the minimum goes straight to principal. If you carry balances on several cards, the snowball vs avalanche calculator tells you which to attack first.
Questions people ask
How long will it take to pay off my credit card with minimum payments?
Often many years. Minimum payments are typically about 1% of the balance plus that month’s interest (or a small flat floor), so the payment shrinks as the balance shrinks. Choose "Minimum payments" above to see your timeline and the total interest.
How is credit card interest calculated?
Most US issuers charge interest daily at APR ÷ 365 on your average daily balance and add it monthly. This calculator approximates that with APR ÷ 12 each month, which lands within a few dollars for a steady balance.
What monthly payment clears my card in a set time?
Choose "Pay off by a date" and enter the months. The payment shown assumes no new purchases on the card.
Would a balance transfer help?
A 0% transfer offer can save a lot if you clear the balance before the promo ends, but most charge a 3–5% transfer fee. Compare that fee with the interest shown here, or use the debt consolidation calculator.
Why does my statement show a "minimum payment warning"?
The Credit CARD Act of 2009 requires issuers to show how long minimum payments would take and what paying off in three years would cost. This calculator does the same with your own numbers.