Credit Card Payoff Calculator
See how long it takes to pay off your credit card and how much interest you will pay. Compare minimum-only, fixed, and aggressive payoff strategies.
Quick Answer
A $5,000 credit card balance at 22.99% APR with $100/month minimum payments takes about 8 years to pay off and costs $4,600+ in interest. Paying $200/month cuts it to under 3 years and saves $2,900 in interest. Every extra dollar you pay accelerates your freedom from credit card debt.
Your Credit Card
Minimum payments will take 10+ years
At minimum payments, it will take 13 yr 11 mo to pay off this card and you will pay $11,694 in interest — 234% of your original balance. Consider increasing your monthly payment significantly.
Payoff Strategy Comparison
Minimum Only
Fixed $150/mo
Aggressive $300/mo
Payoff Timeline
Your Savings
Paying $150/mo instead of minimum saves $8,649 in interest and pays off 9 yr 5 mo faster.
The aggressive plan at $300/mo saves $10,613 and gets you debt-free in just 1 yr 9 mo.
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About This Tool
The Credit Card Payoff Calculator shows you exactly how long it will take to become debt-free and how much interest you will pay along the way. Enter your balance, APR, and minimum payment to see three scenarios side by side: minimum-only, a fixed higher payment, and an aggressive payoff plan. The "What if I pay extra?" slider instantly shows the impact of additional monthly payments.
The True Cost of Minimum Payments
Credit card minimum payments are designed to keep you in debt as long as possible. Most cards set the minimum at 1-3% of your balance (or $25, whichever is greater). On a $5,000 balance at 22.99% APR, paying only the minimum takes over 25 years and costs more than $10,000 in interest — you end up paying triple the original balance. This is by design: the card issuer profits from every month you carry a balance.
Why Fixed Payments Win
When you pay a fixed dollar amount instead of a declining percentage, more money goes toward principal each month as the balance drops. A fixed $200/month payment on that same $5,000 card clears the debt in about 2.5 years with around $1,700 in interest — saving you over $8,000 compared to minimum-only payments. The key insight: never let your payment shrink as your balance decreases.
The Avalanche Strategy for Multiple Cards
If you have multiple credit cards, focus extra payments on the card with the highest APR first (the "avalanche" method) while paying minimums on the rest. Once the highest-rate card is paid off, roll that payment into the next highest rate. This mathematically minimizes total interest paid. Use our Debt Payoff Calculator to compare strategies across multiple debts.
Balance Transfer Consideration
If you have good credit, a 0% APR balance transfer card can save significant interest. Most offer 12-21 months at 0% with a 3-5% transfer fee. On a $5,000 balance, a 3% fee ($150) is far less than paying 22.99% APR for even a few months. The catch: you must pay off the balance before the promotional period ends, or you may owe back-interest on the remaining balance.
Frequently Asked Questions
How is credit card interest calculated?
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