Credit Card Payoff Calculator

How to use this tool

1. Enter your current balance and annual APR.
2. Enter the fixed monthly payment you plan to make, or use the first-month estimate.
3. Compare the payoff time and interest with recalculated minimum payments.
4. Review or download both month-by-month schedules.

How credit card interest compounds

This calculator uses a monthly estimate: it divides the APR by 12, adds that month's interest to the balance, and then applies the payment. Many card issuers instead calculate interest daily using a daily periodic rate and an average daily balance. The CFPB explains how those methods work. Your statement and card agreement control the actual interest calculation, so treat these results as estimates.

The minimum payment trap

Card issuers set minimum payments under the terms of each account, so there is no single formula that applies to every card. For comparison, this tool uses 2% of the balance plus monthly interest, with a $25 floor. That estimate is recalculated as the balance falls. If you leave the payment field at its suggested amount, the calculator holds the first month's estimate fixed for your plan and shows the falling minimum as a separate comparison.

For example, a $3,500 balance at 20% APR has an estimated first-month minimum of about $128.33. Holding that payment steady pays the balance in about 37 months with roughly $1,206 in interest in this model. Paying only the recalculated estimate takes about 118 months and $2,583 in interest. The result illustrates why keeping a payment level as the balance shrinks can shorten repayment, though your card's minimum rules and daily interest method may produce different figures.

The comparison updates as you change the fixed monthly payment. The chart and expandable schedules show how the remaining balance, interest, and principal change month by month, and the CSV download contains rows for both plans. A one-time extra payment or new purchases are not included in these projections; if you make extra payments, compare the result with the payment and balance shown on your next statement.

Avalanche vs. snowball method

This page models one card. If you have several balances, the avalanche method directs extra money to the highest APR first, while the snowball method targets the smallest balance first. The table summarizes the tradeoff; use the Debt Payoff Calculator to compare those methods across multiple debts.

Example: two cards - Card A ($5,000 at 24% APR), Card B ($1,200 at 19% APR). Avalanche targets Card A first because it has the higher rate. Snowball targets Card B first to clear a balance sooner and build momentum. The interest difference depends on the payment and each card's terms, so compare both plans with your own balances rather than relying on a generic savings figure.

Balance transfer strategy

A 0% introductory APR balance transfer may reduce interest, but a transfer fee, expiration date, eligibility rules, and the rate after the promotional period all affect the outcome. Read the offer terms and check whether a transfer would lower the total cost for the amount you can repay during the introductory period. This calculator does not model balance transfers or recommend specific cards.

• Balance transfer fee: typically 3–5% of the transferred amount. On a $5,000 balance, a 3% fee would add $150 before interest or other charges.
• Intro period length: check the offer dates and calculate whether your expected payments can clear the transferred balance before the rate changes.
• Post-intro rate: any remaining balance may be charged at the rate stated in the offer. Set a reminder before the introductory period ends.
• Credit report impact: applying for a new account can result in a hard inquiry and affect your credit history; the impact varies by person.