Credit Card Payoff Calculator
Input Information
Result
Payoff time (current)
34 mo
Total interest (current)
$1,800
Interest saved w/ extra
$0
※ Paying only the minimum triggers a compounding interest spiral. Pay more than the minimum whenever possible.
See how long it takes to pay off a credit card balance and how much interest you save by paying extra.
- Enter your balance and annual APR.
- Enter current monthly payment and optional extra.
- Compare payoff time and interest saved.
B: balance, r: monthly rate, P: monthly payment
- Use 0% intro periods to attack the balance.
- Use avalanche (highest APR first) or snowball methods.
QWhy is paying only the minimum bad?
Minimum payments mostly cover interest and fees, barely reducing principal, so debt lingers for years.
QWhy does paying extra help so much?
Extra payments go straight to principal, shrinking the base on which compounding interest accrues — saving grows the earlier you pay.