Credit Card Payoff Calculator
Paying only the minimum can turn a small balance into years of payments. This tool shows payoff time and total interest — then compares better monthly payments.
Inputs
Schedule (first 24 months)
| Month | Payment | Interest | Principal | Balance |
|---|
Model assumptions: interest compounded monthly, no new purchases, no fees. Real card statements can differ.
Results
Minimum payment payoff time
—
Total interest (minimum payment)
—
If you pay minimum + extra
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If you pay fixed monthly payment
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FAQ
Why does the minimum payment take so long?
Because early payments mostly cover interest, so the balance drops very slowly unless you pay extra.
What’s the fastest way to reduce interest?
Pay a fixed amount above the minimum consistently, and avoid adding new charges while paying down the balance.