DelDebtHow to use the calculator
- Enter your card balance and APR from your latest statement.
- Choose what you know: the amount you can pay each month, or the number of months you want to be done in.
- Read the payoff date, total interest and total paid, and compare them with paying only the minimum.
- Tap a “+$” button to see how much sooner you'd finish by paying a little more.
- Open the month-by-month schedule to see every payment, or download it as a CSV file.
Why minimum payments take so long
Your issuer recalculates the minimum every month from what you owe. As the balance falls, the minimum falls with it, so each month a little less goes to principal. On $5,000 at 24% APR, a minimum of 1% of the balance plus interest starts at $150 and takes 19 years and 6 months to reach zero, with $8,887 in interest.
Keep paying that same $150 every month instead of letting it shrink, and the card is gone in 4 years and 8 months with $3,322 in interest. The first payment is identical; the only change is that it doesn't go down. That is why the calculator shows the minimum-only line next to your plan. There's more on this in how long it takes to pay off a credit card.
What the calculator assumes
- Monthly interest. Each month the balance grows by APR ÷ 12, then your payment comes off.
- A fixed payment. You pay the same amount every month until the last, smaller payment.
- No new purchases unless you enter them under “More options”. New charges are added after the payment and start accruing interest the following month.
- One rate. If a 0% promotional rate is about to end, enter the rate you'll pay afterwards to see the conservative picture.
- No fees. Late fees and annual fees aren't included.
More than one card?
With several cards the question changes from “how much” to “which one first”. Enter each card below with its minimum payment, add what you can pay on top, and switch between the avalanche (highest APR first) and the snowball (smallest balance first). The table shows the payoff order, the debt-free date and the interest under each method.
For the reasoning behind each order, see which debt to pay off first. If you're weighing a consolidation loan, consolidation vs. avalanche compares the two on the same monthly budget.
FAQ
How is the minimum payment on a credit card calculated?
Each issuer sets its own formula in the cardholder agreement. A common one is 1% of the balance plus that month's interest and fees; some use a flat percentage, such as 2% or 3%. Most have a floor, often $25 to $40. Because the formula follows the balance, the minimum shrinks as you pay the card down, and that is what makes minimum-only payoff so slow. Under “More options” you can pick the rule closest to your card.
How is credit card interest calculated?
Most issuers use a daily rate, the APR divided by 365 or 360, applied to your average daily balance over the billing cycle. This calculator uses APR divided by 12 each month, which lands close to a real statement. If your card has a grace period and you pay the full statement balance by the due date, you pay no interest on purchases.
How long will it take to pay off my card with minimum payments only?
It depends on the balance, the APR and your issuer's formula. For $5,000 at 24% APR with a minimum of 1% of the balance plus interest (at least $25), it takes 19 years and 6 months and costs $8,887 in interest. Your own figure is printed on your monthly statement in the Minimum Payment Warning box.
How much do I need to pay to clear my card in 12, 24 or 36 months?
Switch the calculator to “Done in N months” and enter the number. For $5,000 at 24% APR it's $472.80 a month for 12 months, $264.36 for 24 and $196.16 for 36, assuming no new purchases on the card.
I have several cards. Which one should I pay off first?
Pay the minimum on every card and put all the extra money on one. Highest APR first (the avalanche) costs the least interest; smallest balance first (the snowball) closes an account sooner. The multi-card calculator on this page runs both orders on your numbers and shows what the difference costs.
Does the calculator count new purchases?
Not by default: it assumes you stop using the card while you pay it off. If you keep charging, open “More options” and enter what you add each month. Your payment then has to cover that amount plus the interest before the balance starts to fall.
Is a balance transfer or a consolidation loan better than paying the card directly?
They can lower the rate, not the debt. A 0% balance transfer usually comes with a transfer fee and a promotional rate that ends; a consolidation loan has a fixed term and may carry an origination fee. Either one helps only if the total cost ends up lower than paying the card as it is, so compare the totals, not just the monthly payment.