Credit card payoff calculator

Time to clear the card

Total3 yr 1 mo
Total interest paid
$2,383
Payoff with $100 extra
2 yr 0 mo
Interest saved by the extra
$1,078
Minimum payments only
13 yr 8 mo
Time to clear the card
3 yr 1 mo

Interest is charged on the balance every month, so every extra dollar shortens the term twice: once directly, once through the interest it avoids.

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The short answer

Card interest compounds monthly on whatever is left. Paying the minimum keeps most of your payment servicing interest; a fixed payment above the minimum is what turns the balance into a finish line.

The minimum payment trap

Minimums are usually about 2% of the balance, so they shrink as the balance does. That design keeps the account open for years and hands the lender most of what you repay in interest.

What actually shortens the term

  • Fix the payment in dollars and never let it fall as the balance drops.

  • Stop new spending on the card while the balance is being cleared.

  • Ask for a rate reduction — a lower APR moves every month of the plan.

  • Treat a balance transfer as a deadline, not a discount: clear it before the promotional rate ends.

The formula

Each month: balance = balance x (1 + APR/12) - payment. Months to zero and interest are accumulated from that.

FAQ

Compare strategies with the debt payoff calculator

The debt snowball method directs additional money to the smallest balance while maintaining required payments on every other debt. After one balance is paid, its payment moves to the next balance. The debt avalanche instead targets the highest interest rate first. If all payments and rates remain the same, the avalanche generally minimizes interest, while the snowball organizes repayment around completing smaller balances sooner.

Enter each balance, annual interest rate, minimum payment, and any additional monthly amount. A credit card payoff calculator may produce different results if a card uses variable rates, daily interest, fees, or promotional terms. Confirm whether a loan payoff calculator assumes payments occur monthly and whether additional amounts are applied directly to principal. Continue making at least required payments on time, regardless of the payoff order selected.

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