Credit Card Payoff Calculator

A card’s minimum payment is designed to keep the account current, not to clear the balance quickly. That is the minimum-payment trap: a large share of a small payment can go to interest, so the balance falls slowly and the debt can last for years.

This tool compares paying only the minimum with adding $20, $50, or a custom extra amount each month. You can match the minimum to your statement (a percentage of the balance, or a percentage plus monthly interest, with a dollar floor).

How to use this calculator

  • Enter your current balance and APR.
  • Choose how your minimum is calculated and, if needed, edit the percentage and dollar floor so they match your statement.
  • Optionally set a custom extra payment. The results also show +$20 and +$50 for comparison.

Your card

Issuers often use about 1% plus interest, or about 2% of the balance, with a dollar floor. Check your statement and edit this to match.

Compared automatically with minimum only, +$20, and +$50 each month.

Results

Related guides and comparisons

Results are estimates for education only. They are not financial, legal or credit-repair advice, and they are not an offer or a decision from any lender. We do not promise credit-score increases, item removals, or loan or card approvals. Actual rates, payments and qualification depend on the lender, the loan and your full application. See our Financial Disclaimer.