DollarFigures

Credit card payoff calculator

See how long your balance takes to clear and what the interest costs — and how much sooner a fixed payment gets you there than the minimum. How long your card takes to clear, and what the interest costs.

Last updated August 26, 2026 · Sources: Card issuer minimum-payment conventions; APR is your own input · Calculations run in your browser — nothing is stored Last updated Aug 26, 2026 · APR is your own input · Nothing is stored

Paid off in
2 years 2 months
$1,639 interest · $7,639 repaid in total
Minimum payment (interest + 1%)$174.95
— time to clear20 years 10 months
— interest paid$10,405
Your payment$300.00
— time to clear2 years 2 months
— interest paid$1,639

Paying $300.00 instead of the minimum clears the card 18 years 8 months sooner and saves $8,766 in interest.

Shareable URL updates as you type

Assumes no new spending on the card and a fixed APR. Your issuer's minimum-payment rule is in your cardholder agreement and may differ. Not financial advice.

How credit card interest works

A credit card is revolving debt, not an instalment loan: there is no fixed term, and the required payment moves with the balance. Interest is charged monthly on what you still owe.

interest this month = balance × (APR ÷ 12)
minimum payment = interest + (balance × 1%), at least $25

That second rule is why minimum payments are a trap. The interest is always covered, but only about 1% of the balance goes to principal, and as the balance falls the payment falls with it. A fixed payment keeps the amount constant while the interest portion shrinks, and the principal portion accelerates.

Worked example: $6,000 at 22.99% APR

The first month accrues $6,000 × 22.99% ÷ 12 = $115 in interest. The minimum payment starts at $174.95, of which only $60.00 touches the balance. Carried to the end, the minimum takes 20 years 10 months and costs $10,405 in interest — you repay $16,405 on a $6,000 debt.

What a fixed payment does instead

Monthly payment Time to clear Total interest Saved vs minimum
Minimum (from $174.95) 20 years 10 months $10,405 —
$150 6 years 5 months $5,492 $4,913
$200 3 years 10 months $3,012 $7,393
$300 2 years 2 months $1,639 $8,766
$500 1 year 2 months $884 $9,521

On $6,000 at 22.99% APR, assuming no new spending on the card.

Frequently asked questions

How long does it take to pay off $6,000 on a credit card?

Paying only the minimum at 22.99% APR takes 20 years 10 months and costs $10,405 in interest. Paying a fixed $300 a month clears it in 2 years 2 months for $1,639 — a saving of $8,766.

Why does the minimum payment take so long?

Because it falls as the balance falls. The minimum is usually the month's interest plus about 1% of the balance, so as you pay down the card the required payment shrinks with it and the principal is always being repaid at the slowest permitted rate. A fixed payment does the opposite: as interest falls, more of the same payment attacks the principal.

What happens if my payment is less than the interest?

The balance grows even though you are paying. On $6,000 at 22.99%, the first month alone accrues $115 in interest, so any payment below that goes backwards. This calculator says so plainly rather than showing an impossible payoff date.

Does a balance transfer help?

It can. Moving a balance to a 0% introductory rate stops interest accruing for the promotional period, so every dollar goes to principal — but transfer fees of 3-5% apply, and the rate reverts afterwards. Compare the fee against the interest you would otherwise pay over the same window.

Related tools