Credit Card Payoff Calculator
Enter your balance, APR, and monthly payment to see your payoff date and total interest — plus what paying just $50 more per month would save you.
For comparison: making only typical minimum payments (starting at $185, declining with the balance) would take 21 years 2 months and cost $11,360 in interest.
Why minimum payments barely move the needle
Card issuers typically set the minimum payment at about 1% of the balance plus that month's interest. On a $6,000 balance at 25% APR, that starts around $185 — and paying only minimums would take well over 20 years and cost more in interest than the original balance. The comparison line under the results shows the minimum-payment scenario for your exact numbers.
Fastest ways out of card debt
Fixed payments beat shrinking minimums: keeping your payment constant as the balance falls accelerates payoff dramatically. Beyond that, a 0% balance-transfer card (typically 12–21 months, 3–5% fee) or a lower-APR consolidation loan can redirect interest money at principal. If you carry multiple cards, our debt payoff planner compares the snowball and avalanche strategies for your whole balance sheet.
Frequently asked questions
How is credit card interest calculated?
Most cards compound daily: the APR is divided by 365 and applied to your average daily balance. A 25% APR means roughly 2.08% added per month to a carried balance.
What happens if I only pay the minimum?
Payoff typically stretches past 20 years on a mid-size balance because the minimum shrinks with the balance, keeping you paying mostly interest. Even $25–50 above the minimum cuts years off.
Should I pay off my card or invest?
Card APRs of 20%+ far exceed expected market returns, so paying down card debt is effectively a guaranteed 20%+ return — almost always the better move after securing an emergency fund.
Does paying off a credit card help my credit score?
Yes — credit utilization (balance ÷ limit) is about 30% of a FICO score. Dropping utilization below 30%, and ideally below 10%, typically lifts scores within one or two billing cycles.
This calculator provides estimates for educational purposes only and is not financial advice. Actual loan terms, rates, and outcomes depend on your lender and personal situation.