Debt
Credit Card Payoff Calculator
A $6,000 balance at 24% APR, paying $250 a month, clears in about 2 yr 10 mo and costs $2,256 in interest. Pay more each month and both numbers drop quickly.
Enter your balance, rate and the fixed amount you can pay. If the payment is too small to cover the interest, the tool will tell you.
2 yr 10 mo
to clear the balance
Interest you'll pay−$2,256
Total paid$8,256
Payment too small, the balance never clears
Why minimums keep you stuck
A minimum payment is designed to be small, often around 2% of the balance, which barely covers the interest on a high-rate card. As the balance shrinks the minimum shrinks with it, so the finish line keeps moving. Paying a fixed amount instead, and never less than you paid last month, is what actually gets you out. If your rate is high, a balance transfer or a personal loan at a lower rate can help, as long as you do not run the card back up.
Assumes a fixed monthly payment and no new spending. Not financial advice.
Common questions
Why does the minimum take so long?
The minimum is a small percent of the balance, so it falls as the balance falls and mostly covers interest. A fixed payment clears the card far faster.