Credit Card Payoff Calculator
Compares paying a fixed amount with paying the minimum on a credit card.
Time at the fixed payment
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Interest at the fixed payment —
Time at the minimum payment —
Interest at the minimum payment —
Interest saved —
Reading this —
The formula
each month: balance = balance × (1 + APR ÷ 12) − payment
A minimum payment shrinks as the balance falls, so the debt takes far longer to clear than a fixed payment would.
What to watch out for
Paying a fixed amount, even a small one above the minimum, cuts both the time and the interest sharply.
Frequently Asked Questions
How long does it take to pay off 5,000 at 22%?
2 years 10 months at 200 a month, with 1,749.88 in interest. At the minimum of 2% with a 25 floor, 80 years 8 months and 43,419.49.