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Credit Card Payoff Calculator

Minimum vs minimum + extra: months and interest saved.

PrivateFreeSourcedReviewed

Debt-free with the minimum + $100/mo

58 mo

4.8 years · $3,855 interest on $8,000 at 21.52% APR
Minimum only
276 mo

23.0 years · $13,292 interest

Months saved
218
Interest saved
$9,437

Paying just the minimum takes 23.0 years and $13,292 of interest. Adding $100 a month clears it 218 months sooner and keeps $9,437 in your pocket.

Try a what-if

Balance left, month by monthMinimum only vs minimum plus your extra payment.
8mo28mo52mo76mo100mo128mo156mo184mo212mo240mo276mo$0$2K$4K$6K$8K
  • Minimum only
  • Minimum + extra

Your numbers

$8,000

21.52% APR (US avg ~21.52%)

Default 21.52%Federal Reserve G.19 — Consumer Creditas of May 2026 release (March 2026 data)

$100/mo extra principal

How your card sets the minimumInterest + 1% · $25 floor

Check your statement's minimum-payment box. Most large US issuers charge that month's interest plus 1% of the balance, with a $25–$40 floor.

interest + 1.00% of balance

$25 floor

Next steps

The Credit Card Payoff Calculator models the floating minimum payment card issuers use — by default the most common formula, that month's interest plus 1% of the balance with a $25 floor, or a flat % of the balance if that's what your card uses. Because the minimum declines with the balance, paying just the minimum stretches a payoff out for decades: the default $8,000 takes about 23 years and roughly $13,300 of interest at today's average APR, while an extra $100 a month clears it in under 5 years. The default APR tracks the latest Federal Reserve G.19 average for accounts assessed interest (cited inline below the APR field) — the math is brutal.

How this calculator works

  1. Enter your card balance and the APR. Check your statement for the exact APR (promotional rates expire and revert higher).
  2. Set the minimum-payment formula from your statement. Most large issuers charge that month's interest plus 1% of the balance with a $25–$40 floor; some cards use a flat 1–3% of the balance instead.
  3. Set a fixed extra monthly payment to see how much faster the payoff goes.
  4. Compare scenarios. The interest savings from even small fixed extras at high APRs are dramatic.

monthly: interest = balance × (APR/12) min_payment = max(interest + balance × min_pct, $floor) (or max(balance × min_pct, $floor) on flat-% cards) balance ← balance + interest − (min_payment + extra)

Iterative payoff with a floating minimum. Each month: interest accrues, the minimum is recomputed from the current balance, the user adds an optional fixed extra, and the balance shrinks. With the interest-plus-1% formula the minimum always pays some principal; with a flat % it can fail to cover the interest at high APRs, and the calculator warns you when it does. Repeat until balance hits zero. The 'minimum-only' case takes decades because the minimum shrinks with the balance.

balance
Current card balance
APR
Annual percentage rate on the card
min_pct
Minimum-payment percentage (1% plus interest is most common)
$floor
Minimum-payment floor ($25–$40 typical)
extra
Optional fixed extra payment per month

Frequently asked questions

Why does paying the minimum take so long?

Most issuers set the minimum at that month's interest plus about 1% of the balance (with a $25–$40 floor); some use a flat 1–3% of the balance. Either way the minimum shrinks as the balance does, so the principal comes down slowly at 20%+ APRs — $8,000 at today's average rate takes about 23 years and roughly $13,300 of interest on the minimum alone.

What's the fastest legitimate way to pay off cards?

Either (a) a 0% intro APR balance-transfer card (typically 12-21 months no interest, with a 3-5% transfer fee), or (b) a personal loan at a lower rate to consolidate. Both convert revolving high-APR debt into structured cheaper debt — assuming you don't run the card balance back up.

Does paying off cards hurt my credit score?

No, paying down balances LOWERS your credit utilization, which is one of the largest score inputs. Don't close the cards after paying them off (closing reduces total available credit, which can spike utilization on other cards) — just stop using them.

Sources used in this calculator

Reviewed by the Money Scale editorial team. How we source our data

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