Credit Card Payoff Calculator
This tool reveals the slow grind of paying a credit card with only the minimum each month. It takes your balance, interest rate, and minimum payment rule, then counts how many months it takes to reach zero and how much interest piles up along the way. Move the sliders to see how a higher rate or a smaller minimum stretches the payoff out for years.
How this math works
Each month the calculator charges interest on your balance, then applies a payment equal to the greater of your minimum percentage or twenty five dollars. Because the minimum is a percentage of a shrinking balance, the payment itself shrinks as you go, which is exactly why minimum-only payoff takes so long. It repeats this month by month until the balance is cleared, totaling the months and the interest paid.
This is the minimum-payment trap in plain numbers. At a high rate, the minimum barely covers the interest in the early months, so almost nothing goes toward the actual debt and the payoff can stretch for many years. Paying a fixed amount above the minimum, or a flat dollar figure each month instead of a percentage, dramatically shortens the timeline and slashes the interest.
Common questions
Why does paying the minimum take so long?
The minimum is usually a small percentage of the balance, so as the balance falls the payment falls too, slowing your progress to a crawl. At high interest rates, much of each early payment just covers interest, leaving little to reduce what you owe.
What is the twenty five dollar floor?
Most card issuers set a minimum payment of around twenty five dollars even when the percentage would be lower, so this calculator applies that floor. It keeps small balances from dragging on indefinitely, though it can still take a long time on larger ones.
How can I pay off my card faster?
Pay a fixed amount each month rather than the shrinking minimum, and add as much as your budget allows. Even a modest fixed payment above the minimum can cut years off the timeline and save a large amount of interest.
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