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 minimums are set just barely above the monthly interest, often 1% of balance plus interest. On a $5,000 balance at 22% APR, the minimum can stretch payoff to 20+ years and cost more in interest than the original balance.
What is a typical credit card APR right now?
US credit card APRs have hovered around 21-23% on average through 2025, per Federal Reserve data. Store cards and subprime cards often run 27-30%. Even a modest balance compounds fast at those rates.
How does compound interest work against me here?
Card interest is charged daily and added to the balance each cycle, so next month's interest is calculated on the bigger amount. The trick to escape it is simple: pay more than the interest charge every month so the balance actually drops.
Should I use snowball or avalanche?
For a single card, both strategies collapse into the same plan: pay as much as you can each month. For multiple debts, use the dedicated Debt Payoff Calculator which handles snowball (smallest balance first) and avalanche (highest rate first).
Is a balance transfer card worth it?
Often yes. A 0% intro APR for 15-21 months can let your whole payment hit principal. Watch for the 3-5% transfer fee, the post-intro rate, and the rule that any new purchases usually get charged interest immediately.