Credit Card Payoff Calculator

Calculate how long to pay off credit card debt and how much interest you can save by paying more.

Minimum payment type
Minimum only
Time to payoff 9yr 1mo
Total interest $5,840.10
Total paid $10,840.10
Fixed payment ($100/mo)
Time to payoff 9yr 1mo
Total interest $5,840.10
Total paid $10,840.10
Balance over time
Min only Fixed pmt
Month 0Month 108
Debt Avalanche vs Debt Snowball
Avalanche (mathematically optimal)

Pay minimums on all cards, then throw extra money at the highest APR card first. Minimizes total interest paid.

Snowball (psychologically motivating)

Pay minimums on all cards, then throw extra money at the smallest balance first. Faster early wins keep you motivated.

Frequently Asked Questions

Why does paying only the minimum take so long to pay off a credit card?

Credit card minimum payments are typically 1–3% of your balance or a fixed low floor (e.g. $25). Nearly all of each early payment goes toward interest, leaving almost nothing to reduce the actual balance. A $5,000 balance at 22% APR paying only the minimum can take over 15 years and cost more than $6,000 in interest — more than the original balance.

How much interest do I save by paying extra each month?

Dramatically more than most people expect. On a $5,000 balance at 20% APR, minimum payments might take 180+ months and cost $6,500+ in interest. Paying a flat $200/month instead pays it off in 31 months and costs under $1,100 in interest — a saving of over $5,400. This calculator shows the exact comparison for your numbers.

What is the debt avalanche method?

The debt avalanche: pay the minimum on all cards, then direct every extra dollar toward the highest APR card. Once paid off, roll that payment into the next highest-rate card. This is mathematically optimal — it minimises total interest paid across all debts.

What is the debt snowball method?

The debt snowball: pay minimums on all debts and put all extra money toward the card with the lowest balance first. When paid off, roll that payment into the next smallest. Quick wins keep motivation high. Studies show it works well for people who struggle with the slow progress of the avalanche method.

What credit card APR is considered high?

As of 2024–2025, the average US credit card APR is ~20–23%. Above 25% is high; some store cards charge 29–35%. Below 15% is relatively low. If your card charges over 20%, balance transfer cards offering 0% intro APR for 12–21 months can save significantly — use this calculator to see how much you could pay off during an interest-free period.