Money Scale
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Credit Card Payoff Calculator

See exactly how long it takes to pay off a credit card by minimum payment alone, and how much faster you finish by adding a fixed monthly extra. The minimum-payment math is brutal.

Last reviewed: · Reviewed by the Money Scale editorial team · How we source our data

Power mode. Every input exposed, every assumption sourced, charts and shareables.

Credit Card Payoff Calculator
See how long paying just the minimum actually takes — and how much faster you finish with a fixed extra payment. The minimum-only math is brutal: a typical balance at 22% APR takes 20+ years.

$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)

2.00% of balance

$25 floor

$100/mo extra principal

Minimum only

600 mo

50.0 years · $49,356 interest

Minimum + $100

73 mo

6.1 years · $5,233 interest

Months saved

527

Interest saved

$44,123

10mo40mo70mo100mo130mo160mo190mo230mo270mo310mo350mo390mo430mo470mo510mo550mo600mo$0$2K$4K$6K$8K
  • Minimum only
  • Minimum + extra
Money Scale
Credit Card Payoff
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🐢 50.0y min

$8,000 @ 21.52% APR on a typical 2%/$25 minimum schedule.

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The Credit Card Payoff Calculator models the floating minimum-payment formula that nearly every issuer uses: max(1–3% of balance, $25–$35 floor). Because the minimum declines with the balance, paying just the minimum can stretch a payoff to 20–30 years at typical credit-card APRs. 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.

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  • Sourced defaultsStarting rates and assumptions cite real data, not made-up numbers.

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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. Most issuers use 1–3% of balance with a $25–$35 floor; check your cardholder agreement.
  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(balance × min_pct, $floor); balance ← balance + interest − (min_payment + extra)

Iterative payoff with a floating minimum. Each month: interest accrues, the minimum is recomputed as max(% × balance, $floor), the user adds an optional fixed extra, and the balance shrinks (or doesn't, if the minimum is too low). Repeat until balance hits zero. The 'minimum-only' case can take decades because the minimum shrinks with the balance.

balance
Current card balance
APR
Annual percentage rate on the card
min_pct
Minimum-payment percentage (typically 1–3%)
$floor
Minimum-payment floor ($25–$35 typical)
extra
Optional fixed extra payment per month

Frequently asked questions

The minimum is calculated as a small % of the current balance (typically 1-3%, with a $25-35 floor). As the balance shrinks, the minimum shrinks proportionally — leaving the loan slowly paying down at 22-25% APR. Decades-long payoff timelines are common.

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Sources
Every default value is sourced. Verify anything.
National Avg Savings APY — 0.38% (as of May 2026)FDIC National Rates and Rate Caps High-Yield Savings (typical) — 4% (as of May 2026)FDIC National Rates + reported HYSA APY (top online banks) S&P 500 — 10% (as of 2026 (1928–2025 dataset))NYU Stern (Damodaran) — S&P 500 Annual Returns 1928–2025 Total US Stock Market — 9.7% (as of 2026)CRSP US Total Market Index (long-run avg) 10-Year Treasuries — 4.5% (as of May 2026)Federal Reserve FRED — 10-Year Treasury (DGS10) US Real Estate — 4.2% (as of 2026)S&P CoreLogic Case-Shiller US National Home Price Index (FRED) Gold — 7.8% (as of 2026)World Gold Council historical price data Long-run CPI Inflation — 3% (as of 2026)Bureau of Labor Statistics — CPI-U (long-run avg) 30-Year Fixed Mortgage — 6.36% (as of May 2026)Freddie Mac PMMS — 30-Year Fixed Rate Mortgage Average Credit Card APR (avg, accounts assessed interest) — 21.52% (as of May 2026 release (March 2026 data))Federal Reserve G.19 — Consumer Credit Auto Loan (60-month new car, avg) — 7.52% (as of May 2026 release (March 2026 data))Federal Reserve G.19 — Consumer Credit Personal Loan (24-month unsecured, avg) — 11.4% (as of May 2026 release (March 2026 data))Federal Reserve G.19 — Consumer Credit Federal Direct Subsidized/Unsubsidized (Undergrad) — 6.52% (as of AY 2026-27)US Dept of Education — Interest Rates and Fees for Federal Student Loans HELOC (typical introductory rate) — 7.26% (as of May 2026)Bankrate — Current HELOC Rates 12-month CD (top online rate, typical) — 4.1% (as of May 2026)FDIC + reported top online CD rates Mortgage Refinance Closing Costs (typical) — 3% (as of 2026)Freddie Mac — Cost of Refinancing College Tuition Inflation (long-run avg) — 4% (as of AY 2025-26 (Nov 2025 publication))College Board — Trends in College Pricing 2025