US credit cards · Payoff time, total interest & the minimum-payment trap
Credit Card Payoff Calculator
See exactly how long it'll take to clear your credit card, how much interest you'll pay, and the eye-opening cost of paying only the minimum. Plan by a monthly payment or a target debt-free date.
That's $110.00 in interest this month alone.
Debt-free in
2 yr 8 mo
Paying $250/month, you'll clear $6,000 by Feb 2029 and pay $1,979 in interest — 33% on top of what you owe.
Total interest
$2k
Total you'll pay
$8k
Payoff date
Feb 2029
⚠ The minimum-payment trap
If you paid only the minimum (about $170 to start, falling each month), it would take 20 yr 9 mo and cost $9,933 in interest — that's $7,954 more interest and 18 yr 1 mo longer than your plan above.
Even $20–$50 more a month makes a startling difference on a high-APR card — drag to see your saving.
Interest is charged monthly at your APR ÷ 12 on the balance, with each payment applied to interest first. The minimum-payment estimate uses a common 1%-of-balance-plus-interest formula with a $25floor; your card issuer's minimum may differ. The estimate assumes a fixed APR, no new purchases, no late fees, and on-time payments — real cards compound daily and add fees, so treat this as a close planning estimate. General information, not financial advice.
Two ways to plan your payoff
There are really only two questions when you're clearing a card, and this calculator answers both. Pick "monthly payment"and enter what you can afford each month — it tells you exactly how many months until you're debt-free and how much interest you'll pay along the way. Or pick "target payoff time", enter the date you want to be free by, and it tells you the monthly payment that gets you there. Flip between them to find a plan that's both affordable and fast enough — the sweet spot is usually the largest payment you can sustain without missing essentials.
The minimum-payment trap is the whole point
Here's the number credit card companies would rather you didn't see. A minimum payment is typically about 1% of your balance plus that month's interest — just enough to cover the interest and barely chip the principal. Because the minimum shrinks as your balance falls, paying only the minimum on a $6,000 balance at a 22% APR can keep you in debt for roughly 20 years and cost close to $10,000 in interest— more than you originally borrowed. The calculator shows your minimum-only path right next to your plan, so you can see in dollars exactly what the trap costs. The fix is simple: pay a fixed amount above the minimum and never let it drop.
Why credit card debt is so expensive
Credit cards carry some of the highest interest rates in consumer finance — frequently 20% or more, against roughly 7% for a mortgage or auto loan — and that interest compounds. Issuers calculate it daily on your average balance, so every day you carry a balance, interest is charged on yesterday's interest. At a 22% APR, a balance left untouched grows by nearly 2% every month before you've bought anything new. That's why card debt is the first thing financial planners say to attack: almost no investment reliably returns 20%, so paying off a 20% card is a guaranteed, tax-free 20% "return" on your money.
The power of paying a little extra
On a high-APR card, small increases to your payment have an outsized effect, because every extra dollar goes straight to principal and stops accruing 20%+ interest for the rest of the payoff. Bumping your payment by even $20–$50 a month can knock months off your timeline and save hundreds in interest. The "pay extra each month"slider above puts a precise figure on your saving — it's the single most motivating number in the tool, because it shows that becoming debt-free faster is usually a smaller stretch than people fear.
When a balance transfer or loan makes sense
If your card's APR is the problem, two tools can cut it. A 0% intro-APR balance transfer moves your balance to a new card with no interest for a promotional period — often 12 to 21 months — usually for a 3–5% transfer fee; done right, nearly every dollar then goes to principal. A personal loantypically has a lower fixed rate than a card and a firm payoff date, which forces discipline. Both usually need good credit, and both only work if you stop adding new charges. If you're juggling several cards, our debt snowball vs avalanche calculator maps the cheapest order to clear them all.
Worked example: $6,000 at 22% APR
The setup. You owe $6,000 on a card at a 22% APR — close to the US average. Month one alone adds about $110 in interest.
The minimum-only path.Pay just the minimum (around $170 to start, falling as the balance drops) and you'd be paying for roughly 21 years and hand the bank close to $9,900 in interest— more than the $6,000 you borrowed. That's the trap working exactly as designed.
A real plan. Commit to a fixed $250 a month instead and you're debt-free in about 32 months with roughly $2,000 in interest — saving close to $8,000versus the minimum. Push it to $400 a monthand you're done in about 18 months with under $1,100 in interest. Same debt, wildly different outcomes — the only variable is the payment you commit to. Change the numbers above to find yours.
Frequently asked questions
How long will it take to pay off $5,000 in credit card debt?
It depends entirely on your payment and APR. On a $5,000 balance at a 22% APR, paying $250 a month clears it in about 26 months with roughly $1,300 in interest. Drop to $150 a month and it stretches past 4 years with well over $2,500 in interest; pay $400 a month and you're done in about 15 months. The single biggest lever is how much above the minimum you pay — the calculator above shows your exact timeline and interest for any payment.
How much interest will I pay on a $5,000 balance at 20%?
At a 20% APR, a $5,000 balance accrues about $83 in interest in the first month alone, and the total depends on how fast you pay it down. Paying $200 a month, you'd pay roughly $1,500 in total interest over about 33 months. Paying only the minimum, the interest can balloon past $5,000 — more than the original balance — because the payment barely dents the principal. Enter your numbers above to see the exact figure.
What happens if I only make the minimum payment?
It's the most expensive way to carry a balance. Minimum payments are typically around 1% of your balance plus that month's interest, so most of what you pay just covers interest and the balance barely moves. On a $6,000 balance at 22%, paying only the minimum can take around 20 years and cost nearly $10,000 in interest — more than the debt itself. The minimum is designed to keep you paying interest for as long as possible; paying even a fixed amount above it dramatically shortens the timeline.
Is it better to pay off the highest-interest or smallest-balance card first?
Both work; they suit different people. The 'avalanche' method targets your highest-APR card first and saves the most money in interest mathematically. The 'snowball' method targets your smallest balance first for a quick win and momentum, which helps many people stick with it. If you're disciplined and want maximum savings, go avalanche; if you need motivation, snowball. For multiple cards, our debt snowball vs avalanche calculator shows the exact payoff order and total cost of each.
How is credit card interest actually calculated?
Card issuers usually charge interest daily. They take your APR, divide it by 365 to get a daily rate, and apply it to your average daily balance each day of the billing cycle — so interest compounds on interest. This calculator uses the simpler monthly equivalent (APR ÷ 12) for clarity, which lands very close to the real figure. The practical takeaways are the same: a high APR is expensive fast, carrying a balance compounds against you, and paying early in the cycle reduces your average daily balance.
Should I use a balance transfer or personal loan to pay off my card?
Both can cut your interest sharply if you qualify. A 0% intro-APR balance-transfer card lets you pay no interest for a promotional window (often 12–21 months), though it usually charges a 3–5% transfer fee and needs good credit. A personal loan typically has a lower fixed APR than a credit card and a set payoff date, which enforces discipline. Either can save hundreds or thousands versus a 20%+ card — just make sure you actually clear the balance before any promo rate ends and avoid running the card back up.
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