Credit card payoff calculator
Find out how long a credit card balance takes to clear and how much interest it costs.
Time to pay off2 years 10 months
- Total interest
- USD 1,750
- Total you pay
- USD 6,750
- Balance left
- Your balanceUSD 5,00074%
- InterestUSD 1,75026%
- Assumes no new purchases and a fixed rate. Minimum payments are usually small, so paying more than the minimum saves a lot of interest.
About this calculator
Credit card interest is high, and paying only the minimum can keep you in debt for years. This calculator shows how long a balance lasts and what it costs.
You can either choose a monthly payment and see the time it takes, or choose a date and see the payment you need.
How it works
- Each month interest is added to the balance at one twelfth of the yearly rate.
- Your payment is then taken off.
- The calculator repeats this until the balance reaches zero.
Common questions
- Why does the minimum payment take so long?
- Most of a small payment goes to interest, so the balance barely falls. A larger payment cuts the time and the interest sharply.
- What if my payment is too low?
- If it is less than the monthly interest, the balance grows. The calculator warns you and asks for a higher payment.