Credit Card Payoff Calculator
How long your balance takes to clear at a given payment, and what the interest costs you.
Why minimum payments take decades
Card minimums are typically 1 to 3% of the balance, barely above the monthly interest. A $5,000 balance at 24% APR accrues about $100 of interest a month, so a $125 minimum payment retires only $25 of debt. Fixing the payment at a flat amount (as this calculator assumes) is already far better than paying a shrinking minimum, and every extra dollar goes straight to principal.
The payment that never wins
If your payment is less than the monthly interest, the balance grows instead of shrinking, and no amount of time pays it off. The calculator flags this case. If you're near it, a balance transfer card or consolidation loan at a lower rate changes the math dramatically.