Credit Card Payoff Calculator
See how long it takes to pay off your balance — and how much interest you'll pay.
Your Card Details
$100$50,000
1%36%
Min $100$5,000
Minimum payment$100/mo
Your payment$200/mo
Payoff Time
2 yrs 9 mo
33 total payments
Total Interest
$1,522
Total Cost
$6,522
Paying $200/mo saves you:
$4,318 in interest vs. minimum payments
76 fewer months of payments
Payment Comparison
See how different monthly payments affect your total interest and payoff timeline
Credit Card Payoff — Frequently Asked Questions
How is credit card interest calculated?
Credit card interest compounds daily. Your APR is divided by 365 to get a daily periodic rate. This rate is applied to your average daily balance each day. That's why carrying any balance on a high-APR card is so costly — interest compounds on top of interest every single day.
What's the minimum payment trap?
Minimum payments are typically 1–2% of your balance or $25, whichever is greater. At 20% APR, paying only the minimum on a $5,000 balance takes over 20 years to pay off and costs more than $6,000 in interest — more than the original balance.
How much extra should I pay per month?
Even small increases make a dramatic difference. Adding $50/month to a $5,000 balance at 20% APR cuts years off your payoff and saves over $2,000 in interest. The calculator shows exactly how much each extra dollar saves you.
Should I consider a 0% balance transfer?
If you can qualify for a balance transfer card with 0% APR for 15–21 months, and you can pay off the balance during that period, it's almost always the right move. A 3–5% transfer fee is trivial compared to months of 20%+ interest.