Credit Card Payoff Calculator

Calculate how long it will take to pay off your credit card and how much interest you'll pay. Compare payment strategies to save money.

Payoff Summary

Time to Payoff

2y 11m

Nov 2028

Total Interest

$1,871

Monthly Payment$200
Total Payment$6,871
Interest Saved$43,269
Months Saved565 months

Credit Card Details

$
50030,000
%
1030

Payment Strategy

$
501,000

Balance Over Time

Payment Amount Comparison

Monthly PaymentTime to PayoffTotal InterestTotal Paid
$10013y 11m$11,694$16,694
$1504y 6m$3,045$8,045
$2002y 11m$1,871$6,871
$3001y 9m$1,081$6,081
$5001y 0m$604$5,604
Minimum only50y 0m$45,140$50,140

First 12 Months

MonthPaymentPrincipalInterestBalance
1$200$104$96$4,896
2$200$106$94$4,790
3$200$108$92$4,681
4$200$110$90$4,571
5$200$112$88$4,459
6$200$115$85$4,344
7$200$117$83$4,227
8$200$119$81$4,108
9$200$121$79$3,987
10$200$124$76$3,863
11$200$126$74$3,737
12$200$128$72$3,609

Payoff Summary

Time to Payoff

2y 11m

Nov 2028

Total Interest

$1,871

Monthly Payment$200
Total Payment$6,871
Interest Saved$43,269
Months Saved565 months

Quick Answer

To create a credit card payoff plan, enter your balance, APR, and monthly payment. Our calculator shows when you will be debt-free and total interest paid. Increasing payments significantly reduces both payoff time and interest.

Key Facts

  • Doubling minimum payment can cut payoff time by 70%+
  • Avalanche method (highest rate first) saves most money
  • Snowball method (smallest balance first) builds momentum
  • Every extra dollar to principal reduces interest
  • 0% balance transfer can save thousands but watch fees
  • Paying bi-weekly makes 13 payments/year instead of 12

Frequently Asked Questions

Most cards set minimum payment as the greater of: a flat amount ($25-35) OR a percentage of balance (1-3%) OR interest + fees + $1. Paying only minimums can take 20+ years to pay off and cost 3x the original balance in interest.
Pay as much as possible above the minimum. Use the avalanche method (highest APR first) or snowball method (smallest balance first). Consider 0% balance transfer cards. Avoid new charges. Create a budget to free up extra payment money.
Higher APR means more of each payment goes to interest instead of principal. At 25% APR, paying $200/month on a $5,000 balance takes 32 months. At 15% APR, it takes 28 months. The difference is $700 in interest over that time.
Balance transfers can save significant interest if you qualify for 0% intro APR. Consider: transfer fee (3-5%), intro period length (12-21 months), post-intro APR, and whether you can pay off before intro ends. Set up autopay to avoid missing payments.
Generally pay off high-interest debt first (anything above 7-8%). Credit card rates of 20%+ far exceed savings returns. Exception: keep a small emergency fund ($1,000) to avoid new debt. After cards are paid, build full emergency fund.