Credit Card Payoff Calculator
Use this tool to estimate how long a card balance takes to clear and what the interest costs. Enter the balance, the APR and the minimum-payment rule.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
How this calculator works
Cards charge interest on any balance you carry, and the minimum due is typically a small slice of that balance. Paying just the minimum can keep the debt alive for years.
Each month, the tool:
- Charges interest = balance * annual rate / 12 / 100.
- Caps the payment at the full balance and sets it to whichever is larger: a share of the balance or a fixed floor.
- Reduces the balance by the payment less the interest.
When the payment is smaller than the interest charge, the balance grows and the debt never clears; the tool reports that outcome.
Each issuer writes its own minimum-payment rules, so the percentage and floor should come from your card agreement.
Common questions
How do issuers set the minimum payment?
Typically the greater of a percentage of the balance or a fixed dollar amount. Your card agreement spells out the rule.
Why does the minimum take so long to clear?
Because the minimum is small, interest swallows most of it and the balance barely moves. That keeps next month's interest high.
What if the payment is smaller than the interest charge?
The balance climbs rather than falls, and the debt never clears. The tool reports no payoff time.
Would moving the balance to another card help?
A low promotional rate can cut interest for a while, but the transfer fee and the rate that follows matter. Weigh the whole cost before you move the balance.