Credit Card Payoff Calculator
See how long it takes to clear your card and the total interest — or set a payoff deadline and get the payment you need.
Escaping the minimum-payment trap
Credit cards charge interest on your balance every month, and the minimum payment is deliberately small — usually a low percentage of what you owe, set just high enough to cover most of the month’s interest plus a thin slice of principal. Because so little goes to principal, the balance shrinks slowly, interest keeps accruing on a barely-moving balance, and payoff can stretch over many years while the total interest balloons. As the balance falls the minimum falls too, which slows progress even further.
The way out is to stop letting the minimum dictate the pace. This calculator works in two directions. In payment mode, you enter a fixed monthly payment and it shows how long the card takes to clear and the total interest you pay. In deadline mode, you set a target payoff date and it tells you the monthly payment needed to hit it. Keeping a fixed payment as the balance drops is what accelerates payoff, because a steadily larger share of each payment attacks principal.
Three things move the needle most: paying more than the minimum and holding that amount steady, avoiding new charges that refill the balance, and, where it fits, a balance transfer to a card with a 0% introductory APR to pause interest — just weigh the transfer fee and the rate after the promo ends. Enter your balance, rate, and a payment above to see how much faster and cheaper a higher fixed payment clears the card.