Credit Card Payoff Calculator
See the true cost of minimum payments on your credit card. Adjust your monthly payment to find out exactly when you'll be debt-free.
Minimum required: ~$93/mo
Time to pay off
11y 5m
Total interest paid
$8,678
Total amount paid
$13,678
$$5,000 balance + interest
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The minimum payment trap
Credit card companies design minimum payments to maximise the interest you pay. A typical minimum is 1–2% of your balance plus interest, which barely dents the principal. On a $5,000 balance at 22% APR, paying only the minimum can mean 15+ years of payments and $5,000+ in interest — effectively doubling the cost.
This calculator shows you the real cost of your current payment and lets you see how increasing it — even by $50–100/month — dramatically shortens your payoff timeline and cuts total interest paid.
Strategies to pay off faster
Balance transfer: Move your balance to a 0% APR introductory card and pay aggressively during the promo period. Be disciplined about clearing it before the rate resets.
Debt avalanche: If you have multiple cards, put extra payments toward the highest-rate balance first while paying minimums on others. This minimises total interest mathematically.
Stop using it: You can't fill a bucket while the tap is running. Pause credit card spending on the card you're paying down until the balance is clear.