Credit Card Payoff Calculator

Credit Card Payoff Calculator – Stop Paying Minimum Payments

High credit card interest makes debt feel impossible to escape. This calculator shows you exactly when you'll be debt-free and how much you'll pay in interest — motivating you to pay more each month or explore balance transfers.

How Credit Card Interest Works

Credit card APR is applied monthly. Each month, your interest charge is: Balance × (APR ÷ 12). Only the amount above this interest charge reduces your actual balance.

The Minimum Payment Trap

Minimum payments are typically 1–2% of your balance or $25 (whichever is greater). At high APRs, paying the minimum can mean decades of debt. A $5,000 balance at 22% APR with $100/month minimum payments could take 7+ years and cost $3,000+ in interest.

Strategies to Pay Off Faster

• Avalanche Method: Pay extra on the highest-APR card first — minimizes total interest.
• Snowball Method: Pay extra on the smallest balance first — builds momentum.
• Balance Transfer: Move high-APR debt to a 0% intro APR card (watch for transfer fees).