Free Credit Card Payoff Calculator
See how long it takes to pay off a credit card balance at your planned payment, and compare it to paying only the minimum.
Estimates only, not financial advice.
| Year | Principal paid | Interest paid | Remaining balance |
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Frequently Asked Questions
How is my payoff time calculated?
Each month, interest accrues on your balance (APR ÷ 12), then your payment is applied — the rest reduces your balance. This repeats until the balance reaches zero.
What happens if I only pay the minimum?
Minimum payments are usually a percentage of your current balance (often around 2%, with a small dollar floor), so as your balance shrinks, so does your minimum payment — which stretches payoff time out considerably and increases total interest paid.
Does paying more really make that much difference?
Often yes, especially at typical credit card APRs of 20%+. Even a modest increase over the minimum payment can cut years off your payoff time and save a significant amount in interest — this calculator shows the comparison directly.
Is 2% an accurate minimum payment for my card?
It varies by issuer — check your card's terms or a recent statement for the exact formula, which is often the greater of a percentage of the balance or a small flat dollar amount.
Is this financial advice?
No — this is an estimate for planning purposes only, not financial advice. If you're struggling with credit card debt, a nonprofit credit counselor can help you look at your full situation.