Credit Card Payoff Calculator
See exactly how long it takes to clear your credit card debt, how much interest it costs, and how much you save by paying more than the minimum.
Card Details
First-month interest
$104
42% of your first payment is pure interest
Payoff Summary
Debt-free in
2 years 3 months
If you only paid the minimum
Typical minimum ≈ 1% of the balance + interest. It shrinks as the balance drops, dragging payoff out for years.
Minimum-only payoff
19 years 4 months
Interest paid: $9,104
Your plan
2 years 3 months
Total interest: $1,750
Interest compared
By paying your amount instead of the minimum, you save $7,354 and get out of debt 17 years 1 month sooner.
Solid. Bumping your payment even a little would cut months and interest further.
Estimates for education only, assuming a fixed rate and monthly compounding. Your card's minimum formula and fees may differ.
Related guides
Methodology
How this calculator works
Built by Andrés Soler · Updated
Formula
- Months to pay off = −ln(1 − i × B ÷ P) ÷ ln(1 + i), with i = monthly rate, B = balance and P = your fixed monthly payment
- Minimum-payment comparison: each month the payment is the larger of $25 or 1% of the balance plus that month’s interest.
Assumptions & limits
- No new purchases are added to the card.
- The rate stays constant and interest compounds monthly (some U.S. cards compound daily, which costs slightly more).
- Rate basis: an effective annual rate (E.A.) is converted to its monthly equivalent, (1 + E.A.)^(1/12) − 1; a nominal APR is divided by 12. E.A. is the default in Spanish (Colombian convention), APR in English (U.S. convention).
- If your payment doesn’t cover the monthly interest, the balance never gets paid off, and the calculator tells you so.
- “1% + interest, $25 floor” is a common issuer formula; check your statement for your card’s exact rule.
Educational estimates, not financial advice. Check important decisions with your lender or a licensed advisor.
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