How is the minimum payment calculated?

The calculator uses: max(balance x 0.01 + monthly interest, $25). Some issuers use 2% instead of 1%, or have different floor amounts. Check your statement for your card's exact formula. You can adjust your payment amount in the fixed-payment field to match your actual minimum if it differs. Verify current figures with the IRS or relevant authority before making financial decisions, as rates change annually.

Does this account for new purchases?

No. The calculator models paying off a fixed balance with no new charges. If you continue using the card, your actual payoff date will be longer. Set your card to recurring-payment-only while paying down the balance to isolate it.

Why does the minimum-only scenario take so long?

Because the minimum payment decreases as the balance shrinks, and a larger fraction of each payment covers interest rather than principal in the early months. On a $5,000 balance at 24% APR, the first month's minimum is about $127, but only $26 of that reduces the balance. The rest is interest.

What is the snowball vs avalanche method?

Snowball pays off the smallest balance first for quick wins. Avalanche targets the highest APR first to save the most interest. This tool handles one card at a time. For multi-card strategy comparison, use the Debt Snowball vs Avalanche Visualizer linked below. Use a range of inputs rather than a single figure to understand the sensitivity of your outcome to this variable.

Should I pay off my credit card or invest the extra money?

Credit card APRs (typically 20-30%) almost always exceed stock market average returns (roughly 7-10% per year). Paying off high-APR debt first is generally the higher-return move. This tool shows you the interest savings; compare that figure against potential investment gains for your situation. Verify current figures with the IRS or relevant authority before making financial decisions, as rates change annually.

How does a balance transfer affect my payoff?

A balance transfer to a 0% introductory APR card stops interest charges during the promo period. Enter 0% as the APR and the promo length as your target payoff date to see if you can clear the balance before the regular rate kicks in. Remember to add the transfer fee (typically 3-5% of the balance) to the starting amount.

Credit Card Payoff Calculator

Enter balance and APR, compare paying only the minimum vs a steady fixed payment or a debt-free-by date goal. Charts and totals update as you type.

100% client-side. Your inputs stay in this browser.

Compare paying only the minimum vs a steady fixed payment or a target payoff date, totals and chart update instantly.

Country / region

Saved with your inputs. Amounts display in USD.

Card balanceCurrent revolving balance you want to eliminate.APR (%)Purchase APR from your statement (default sourced from Fed consumer credit stats, refresh periodically).

Payment strategy

Minimum onlyFixed amountPay off by date

Minimum rule used here: max(1% + monthly interest, $25).

Fixed payment / monthMust exceed first-month interest ($95) and be at least your modeled minimum ($145).

Minimum only

19 yr 4 mo

$8,414 interest

Debt-free ~ Nov 17, 2045

Your plan (Fixed $200/mo)

2 yr 11 mo

$1,847 interest

Debt-free ~ Jun 17, 2029

Paying only the minimum costs about $6,567 extra in interest and adds roughly 16 years (197 mo) versus your current plan.

Balance over time

Gray: minimum-only path. Green: your selected strategy (when blocked, green stays flat at your balance).

How this tool works

Enter your current balance, APR, and a payment amount. The calculator simulates your balance month by month until it reaches zero and shows the payoff date and total interest paid. Monthly interest is calculated as: balance times (APR divided by 12). Your payment reduces the balance by the payment amount minus that month's interest. The minimum payment formula mirrors common US card issuers: the greater of 1% of the balance plus that month's interest, or $25. Because the minimum is recalculated each month on a shrinking balance, minimum payments decrease over time. The tool always displays the minimum-only scenario alongside your chosen strategy. For the pay-off-by-date strategy, the tool back-solves the required monthly payment using: Payment = PV x r / (1 - (1 + r)^-n). Nothing leaves your browser.

Worked example

Balance: $5,000. APR: 24.37% (Federal Reserve H.15, 2026 average). Payment strategy: fixed $200 per month. Fixed $200 result: payoff in approximately 32 months, total interest approximately $1,274. Minimum-only result: payoff in approximately 276 months (23 years), total interest approximately $6,740. Paying a fixed $200 per month saves roughly $5,466 in interest and pays off the balance 20 years faster than minimum payments.

Frequently asked questions

How is the minimum payment calculated?
The calculator uses: max(balance x 0.01 + monthly interest, $25). Some issuers use 2% instead of 1%, or have different floor amounts. Check your statement for your card's exact formula. You can adjust your payment amount in the fixed-payment field to match your actual minimum if it differs. Verify current figures with the IRS or relevant authority before making financial decisions, as rates change annually.
Does this account for new purchases?
No. The calculator models paying off a fixed balance with no new charges. If you continue using the card, your actual payoff date will be longer. Set your card to recurring-payment-only while paying down the balance to isolate it.
Why does the minimum-only scenario take so long?
Because the minimum payment decreases as the balance shrinks, and a larger fraction of each payment covers interest rather than principal in the early months. On a $5,000 balance at 24% APR, the first month's minimum is about $127, but only $26 of that reduces the balance. The rest is interest.
What is the snowball vs avalanche method?
Snowball pays off the smallest balance first for quick wins. Avalanche targets the highest APR first to save the most interest. This tool handles one card at a time. For multi-card strategy comparison, use the Debt Snowball vs Avalanche Visualizer linked below. Use a range of inputs rather than a single figure to understand the sensitivity of your outcome to this variable.
Should I pay off my credit card or invest the extra money?
Credit card APRs (typically 20-30%) almost always exceed stock market average returns (roughly 7-10% per year). Paying off high-APR debt first is generally the higher-return move. This tool shows you the interest savings; compare that figure against potential investment gains for your situation. Verify current figures with the IRS or relevant authority before making financial decisions, as rates change annually.
How does a balance transfer affect my payoff?
A balance transfer to a 0% introductory APR card stops interest charges during the promo period. Enter 0% as the APR and the promo length as your target payoff date to see if you can clear the balance before the regular rate kicks in. Remember to add the transfer fee (typically 3-5% of the balance) to the starting amount.