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Credit Card Payoff Calculator
Find your debt-free date and what the interest is really costing you.
Paid off in-
- Debt-free date
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- Total interest
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- Total paid
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- Payment to finish in 24 months
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- Interest with that plan
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How your payment changes the outcome
| Monthly payment | Months | Total interest |
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Why minimum payments take so long
Card minimums are usually 1% of the balance plus interest, so most of each payment goes to interest and the balance barely moves. At a 22% APR, a $6,500 balance on minimum payments can take over 15 years to clear. Adding even $50 a month cuts years off.
Ways to pay less interest
A 0% balance transfer card stops interest for 12 to 21 months, usually for a 3% to 5% fee. A personal loan at a lower rate can also replace card debt with a fixed payoff date. If you have several cards, paying the highest APR first (the avalanche method) saves the most money.