Credit Card Payoff Calculator
Minimum payments on a credit card can stretch a balance out for years. This calculator shows your payoff timeline and how much interest you save by paying more each month.
How this calculator works
The calculator runs two payoff schedules at your monthly interest rate (APR divided by 12): one with your current payment and one with the extra amount added. Every extra dollar goes straight to principal after interest, so the second schedule ends months earlier and accrues less interest. The difference between the two interest totals is your savings.
Frequently asked questions
Why does minimum payment feel like it never ends?
When your payment barely exceeds the monthly interest, almost nothing touches the principal — a $6,000 balance at 22% costs about $110 in interest in month one alone. Raising the payment is the only way to make real progress.
Should I pay off my credit card before investing?
Almost always yes. Paying a 22% card is a guaranteed 22% return — far above what most investments return on average. Paying down high-interest debt first is the mathematically sound move.
What is a good target monthly payment?
A common goal is paying the balance off within 2–3 years. Divide the balance by 24 or 36 and add the interest — or use this calculator to try different extra amounts and watch the payoff date move.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect 2026 rules and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: IRS.gov · 2026 limits per IRS tax inflation adjustments.