Credit card payoff calculator

The minimum payment is built to keep you paying. Compare it with a fixed monthly payment, and find the amount that clears the card by a date you choose.

Your numbers

CurrencyCard balance$Interest rate (APR)%Your card's minimum paymentYour statement or card terms say which.Plus this % of the balance%Lowest minimum payment$The floor, such as 25. The minimum never goes below it.A fixed payment to compare$I want it cleared inmonths

Your numbers stay in this browser so they are here when you come back. Nothing is sent to us.

Paying only the minimum

15 years

$4,433 in interest, starting at $85 a month

Paying $150 a month

2 years 2 months

$771 in interest

Interest saved with the fixed payment

$3,662

To clear it in 2 years, pay

$156 a month

Balance left on the card, year by yearFixed paymentMinimum only

See the yearly balances

Year	Minimum only	Fixed payment
1	$2,659	$1,738
2	$2,357	$168
3	$2,089	$0
4	$1,852	$0
5	$1,641	$0
6	$1,455	$0
7	$1,290	$0
8	$1,143	$0
9	$1,013	$0
10	$898	$0
11	$784	$0
12	$643	$0
13	$467	$0
14	$249	$0
15	$0	$0

How minimum payments work

Card issuers commonly set the minimum as the month's interest plus a small slice of the balance, often 1%, or as a small percentage of the balance, with a floor amount. As the balance falls, so does the minimum. That is why paying only the minimum can stretch a modest balance across many years.

A fixed payment does not shrink. More of it goes to the balance each month, so the debt ends far sooner and costs far less. Check your own statement for your card's exact minimum rule.

An example

A balance of 3,000 at 22% a year, with a minimum of interest plus 1% and a floor of 25, starts at a minimum of 85. Paying only that takes about 15 years and about 4,400 in interest. Paying a fixed 150 a month clears it in a little over two years, for about 770 in interest. To be done in exactly two years, pay about 156 a month.

Ways to clear it faster

Fix your payment. Keep paying what the minimum is today, even as the minimum falls.
Stop adding to it. New spending on the card works against every payment you make.
Look at a lower rate. A cheaper loan or a balance transfer can help, but check the fees and when any promotional rate ends.

Questions people ask

Why is this slightly different from my statement?

This calculator charges one twelfth of the yearly rate each month. Most cards work out interest on the daily balance, and some add fees, so real figures can differ a little. It assumes no new spending.

What does it mean if a payment never clears the card?

If a payment is no more than the month's interest, the balance never falls. You need to pay more than the interest to make progress.

Should I pay the card or save first?

Card interest is usually much higher than what savings earn, so clearing it tends to come first. Many people still keep a small emergency buffer so a surprise bill does not go back on the card.

For education only, not financial advice. Results are estimates from the numbers you enter. Returns are illustrative, not a forecast or a promise, and real results depend on fees, taxes, timing and your lender's or provider's exact terms. See our editorial policy.

More money tools

All money tools