Finance
Credit Card Payoff Calculator
See how fast you can clear a credit card balance. Compare a fixed monthly payment, the typical minimum, or a percent-of-balance plan and watch the interest add up.
Credit card details
Payment plan
Paid off in
2 yr 11 mo
35 months total
Total interest
$1,860
Total paid
$6,860
First 12 months
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $200 | $95 | $105 | $4,895 |
| 2 | $200 | $93 | $107 | $4,789 |
| 3 | $200 | $91 | $109 | $4,680 |
| 4 | $200 | $89 | $111 | $4,570 |
| 5 | $200 | $87 | $113 | $4,457 |
| 6 | $200 | $85 | $115 | $4,342 |
| 7 | $200 | $83 | $117 | $4,225 |
| 8 | $200 | $81 | $119 | $4,105 |
| 9 | $200 | $78 | $122 | $3,984 |
| 10 | $200 | $76 | $124 | $3,860 |
| 11 | $200 | $74 | $126 | $3,733 |
| 12 | $200 | $71 | $129 | $3,605 |
Frequently Asked Questions about the Credit Card Payoff Calculator
Why is paying only the minimum a trap?
Card issuers set minimums just above the monthly interest charge, typically the greater of $25 or about 1% of your balance plus that month's interest. On a $5,000 balance at 22% APR, this calculator's first minimum is about $143, of which roughly $51 reduces principal. The balance shrinks so slowly that payoff stretches to nearly 19 years and total interest paid tops $7,900, more than the original balance.
What is a typical credit card APR right now?
US credit card APRs averaged around 21-23% through 2025, per Federal Reserve data. Store cards and subprime cards often run 27-30%. At 21-23%, even a $2,000 balance carries roughly $35 to $40 in monthly interest, so a small fixed payment makes a meaningful difference over minimum-only payments.
How does interest compound against me here?
The calculator applies your APR monthly (APR / 12 per month). Each month, interest is added to your balance first, then your payment is applied. If your payment only covers the interest charge, the principal never drops. Pay even $20 to $30 more than the minimum each month and the payoff timeline shortens noticeably.
Should I use snowball or avalanche?
For a single card, the choice is straightforward: pay as much as you can each month. For multiple cards, snowball (smallest balance first) builds momentum faster, while avalanche (highest rate first) minimizes total interest. Use a dedicated debt payoff calculator to compare the two when juggling several balances.
Is a balance transfer card worth it?
Often yes. A 0% intro APR for 15-21 months means your full payment goes toward principal instead of interest. The math works in your favor if you can pay off the transferred balance before the promo period ends. Watch for the 3-5% transfer fee upfront and the standard rate that kicks in after, and note that new purchases on a balance transfer card usually accrue interest from day one.