Credit Card Payoff Calculator
See how long it takes to pay off your card and how much interest you can save
Your Card
Most cards use $25 to $40
Your payoff plan
Debt-free in
2 yr 2 mo
Paying $250.00 a month, with $1,286 of interest in total
Your monthly payment
$250.00
Your total interest
$1,286
Minimum payments only
19 yr 2 mo
$8,100 interest, starting at $141.67/month
Interest you save
$6,814
and 17 yr sooner
Your Payoff Schedule by Year
| Year | Paid This Year | Interest This Year | Balance at Year End |
|---|---|---|---|
| 1 | $3,000.00 | $896.21 | $2,896.21 |
| 2 | $3,000.00 | $383.74 | $279.95 |
| 3 | $285.72 | $5.78 | $0.00 |
Why Minimums Take So Long
Card minimums are usually a small share of the balance, so they shrink as you pay down the card. Most of each minimum goes to interest, and the balance falls slowly. A fixed payment that stays the same as the balance drops puts more toward principal every month.
The Formulas
Monthly interest = balance × APR ÷ 12
Payment for n months = B × r(1+r)^n ÷ [(1+r)^n − 1]
Months = −ln(1 − rB ÷ P) ÷ ln(1 + r)
B = balance, r = APR ÷ 12, P = fixed payment
Pay It Off Faster
- •Pay a fixed amount every month instead of the shrinking minimum
- •Stop using the card while you pay it down
- •Ask your issuer for a lower APR; a strong payment history helps
- •A 0% balance transfer can help if you clear it before the promotion ends
- •Pay before the due date to avoid late fees and penalty APRs