Debt Tools
Credit Card Payoff Calculator
See exactly how long it takes to pay off your credit card and how much interest you'll pay. Compare your payment vs the minimum-only strategy to see real savings.
Configure
Card & payment parameters
vs. minimum payments only
Min-only payoff
Never
Interest saved
$70,506
Time saved
∞
How the credit card calculator works
01
Enter your balance & APR
Input your current credit card balance and the annual percentage rate (APR) on the card.
02
Set your monthly payment
Enter how much you plan to pay each month. We'll compare this to paying only the minimum.
03
See the difference
Compare payoff timelines and total interest for your payment vs the minimum-payment strategy.
Frequently asked questions
Why is paying only the minimum so costly? ▼
Minimum payments are usually 1–3% of the balance. This keeps balances high for years, maximizing interest the lender collects. A $5,000 balance at 22% APR with 2% minimums can take over 25 years to pay off.
What is a good strategy to pay off credit card debt? ▼
The avalanche method (pay highest APR first) minimizes interest. The snowball method (pay smallest balance first) builds momentum. Either beats making only minimum payments.
Does paying off credit cards improve my credit score? ▼
Yes. Reducing your credit utilization ratio (balance ÷ credit limit) is one of the fastest ways to improve your credit score. Aim to keep utilization below 30%.
Disclaimer: Calculations assume a fixed APR and constant payment amount. Actual card terms may vary. Check your card agreement for current rates.
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