Credit card payoff calculator
Credit card interest compounds monthly on a shrinking balance, and the card's minimum payment shrinks with it. That is why minimum-only repayment stretches for years. This compares your payment against the minimum, side by side.
- That is how many years
- 2.1 years
- Interest you pay
- $901
- Total paid
- $4,901
- Months if you paid only the minimum
- 223
- Interest on minimum payments
- $6,287
- Interest you save by paying more
- $5,387
An estimate based on a constant rate and payment. Your card's terms, fees and any promotional period take precedence.
The formula
Simulated month by month, because a percentage-based minimum payment has no closed form. Each month: interest = balance × APR ÷ 12, then balance = balance + interest − payment. The minimum is the greater of the percentage and the floor amount.
Worked example
4,000 at 19.9% paid at 200 a month clears in 25 months with 901 of interest. At a 2.5% minimum with a 25 floor, the same balance takes 223 months and costs 6,287 in interest.
How to use it
- 1Use the purchase APR from your statement, not a promotional rate that is about to end.
- 2The minimum rule is printed in your card's terms, usually as a percentage with a small floor amount.
- 3Try raising your payment by a small amount — the saving is far larger than the increase, because interest stops accruing on what you have cleared.
Questions people ask
Why does the minimum-only scenario sometimes never finish?
If the minimum payment is smaller than the monthly interest, the balance grows no matter how long you pay. The calculator reports that rather than looping, because it is the single most important thing to know about a card.
Should I clear the card or save instead?
A card at 20% costs more than almost any savings account pays, so clearing the balance usually wins. The exception is keeping a small emergency buffer so you do not end up back on the card.
Last reviewed: 2026-10-20