💸 Debt Calculator

Credit Card Payoff Calculator

See exactly how long it takes to pay off your balance, how much interest you'll pay, and how much you save by paying more than the minimum.

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Minimum payment trap · Fixed payment · Custom payoff target

Current Balance

Annual Interest Rate (APR)

Monthly Payment

New Monthly Charges

Ongoing spending on this card

⚠️ Minimum payment trap: With only minimum payments, most of your money goes to interest and your balance barely shrinks. This can take decades to pay off.

Payoff Results

Monthly Payment
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Payoff Date

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Total Interest Paid

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Total Cost (balance + interest)

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Months to Pay Off

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Interest as % of Balance

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Strategy Comparison

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Payment Schedule

#	Payment	Principal	Interest	Balance

The True Cost of Minimum Payments

Credit card minimum payments are designed to keep you in debt as long as possible. A $5,000 balance at 22.99% APR with 2% minimum payments takes over 30 years to pay off and costs more than $8,000 in interest alone — more than the original debt.

How Credit Card Interest is Calculated

Credit cards use a Daily Periodic Rate (DPR): APR ÷ 365. Interest is charged daily on your outstanding balance. If your APR is 22.99%, your DPR is 0.063%. On a $5,000 balance, that's about $3.15 per day in interest — roughly $95/month before you've paid a cent of principal.

Payoff Strategies

Fixed payment: Pay the same amount every month. Simple and predictable — choose an amount above the minimum to actually make progress.
Debt avalanche: If you have multiple cards, pay minimums on all and throw extra at the highest-APR card first. Mathematically optimal.
Debt snowball: Pay off the smallest balance first for psychological wins. Slightly more interest but higher completion rates.

What is a good credit card APR?

The average credit card APR in 2024 is around 21–24%. Cards for excellent credit (750+) may offer 15–19%. Anything above 25% is high. If you carry a balance, the APR matters far more than rewards — a 2% cashback card at 24% APR costs you far more than it earns.

Should I do a balance transfer?

A 0% intro APR balance transfer can be powerful if you can pay off the balance during the intro period (usually 12–21 months). Watch for transfer fees (typically 3–5%) and the rate that kicks in after the intro period. Use this calculator to see if you can realistically pay off within the promo window.

How do I stop accumulating more debt?

The most effective step is stopping new charges on the card you're paying off — use the "New Monthly Charges" field above to see how ongoing spending extends your payoff date. Even $100/month in new charges can add years and thousands to your payoff.