Credit Card Payoff Calculator
See how long one card takes to reach zero on the minimum, and how much interest a higher fixed payment saves.
Key concepts
Fixed minimum
The dollar amount you type as the issuer’s minimum, held constant each month. A minimum that shrinks with the balance is a different contract.
APR on this page
An annual rate divided by 12. It is the rate you type, not a live card offer, and it does not include fees.
What this tool does
One card, two payments
The page adds interest, then subtracts either the fixed minimum or the fixed amount you will send. Both paths use the same balance and the same APR. Several debts, with extra money aimed at the smallest balance or the highest rate, belong on the debt snowball calculator.
Scenario B is a second card
It does not combine the balances and it does not roll a finished minimum into the other card. Use it when you want another APR or another payment beside the first.
Credit card payoff formula
Monthly rate = APR / 12 Interest = balance × monthly rate New balance = balance + interest − payment
The last payment is smaller when the remaining balance is below the fixed amount. If the payment is not larger than the interest, the balance does not fall. The run stops at 50 years. The chart draws at most 30 years. Interest saved is the gap between the two paths, and only when both reach zero.
Worked example
A balance of 5,000 at 19.9% APR. A fixed minimum of 150 pays the card in 49 months and about 2,339 of interest. A fixed payment of 300 pays it in 20 months and about 901 of interest, saving about 1,438 of interest and 29 months.
This card versus a debt list
What you compare
- This payoff tool
- The fixed minimum
- Debt snowball
- The fixed amount you will send
Several debts
- This payoff tool
- Not this page
- Debt snowball
- Debt snowball, smallest balance or highest rate
| Question | This payoff tool | Debt snowball |
|---|---|---|
| What you compare | The fixed minimum | The fixed amount you will send |
| Several debts | Not this page | Debt snowball, smallest balance or highest rate |
Common mistakes
- Treating a percentage-of-balance minimum as a fixed dollar amount.
- Opening the snowball tool for a single card and expecting a different interest total.
- Ignoring a payment that does not cover monthly interest.
Methodology on this page
Monthly interest is the balance times the annual rate divided by 12, added before the payment. Payments are fixed. The model does not shrink the minimum, add fees, or change the rate mid-stream. One card only. Educational illustration — not financial advice and not your issuer’s statement.
Read the full FinTools4U methodology →Frequently asked questions
Is this one card or a whole debt list?
One card. Several debts belong on the debt snowball calculator.
Why is the minimum a fixed amount?
So you can compare it with another fixed amount. You can still type today’s minimum and see the cost of staying there.
What if the payment does not cover interest?
The balance grows or stalls. The page stops at 50 years and does not report a payoff.
Is this financial advice?
No. It is a payoff illustration that runs in your browser.
Sources & further reading
- CFPB — Credit cards — Borrower-facing context for minimums and interest. The rate in the calculator is still the one you type.