Credit Card Payoff Calculator
See how long it will take to pay off your credit card debt and how much interest you'll pay. Compare strategies to pay off faster.
Credit Card Details
Minimum payment: $133
Debt-Free Date
October 2028
2 years 9 months to pay off
Total Interest
$1,521
Total to Pay
$6,521
Min. Payment
$133
Interest Rate
1,999.0%
Pay Off Faster
See how extra payments can save you money
| Payment | Time | Interest | You Save |
|---|---|---|---|
| $200 (Current) | 2 years 9 months | $1,521 | — |
| $250(+$50) | 2 years 1 month | $1,132 | $389 |
| $300(+$100) | 1 year 8 months | $906 | $615 |
| $400(+$200) | 1 year 3 months | $653 | $868 |
Estimates Only
Results are estimates based on fixed APR. Actual payoff time may vary.
- •Variable interest rates
- •Additional charges or fees
- •Payment timing and grace periods
How Credit Card Interest Works
Understanding how credit card interest is calculated can help you make better financial decisions and save money on interest payments.
APR vs. Daily Rate
Your credit card's Annual Percentage Rate (APR) is divided by 365 to get the daily periodic rate. This daily rate is applied to your balance each day, which means interest compounds daily.
Example: 20% APR on $5,000
- Daily Rate: 20% / 365 = 0.0548%
- Monthly Interest: ~$83.33
- If only paying minimum ($100), only ~$17 goes to principal
The Minimum Payment Trap
Credit card companies typically set minimum payments at 1-3% of your balance (with a floor of $25-35). Paying only the minimum means:
- Most of your payment goes to interest, not principal
- A $5,000 balance at 20% APR can take 20+ years to pay off
- You could pay over $7,000 in interest alone
Debt Avalanche vs. Debt Snowball
🏔️ Debt Avalanche
Pay off debts with the highest interest rate first while making minimum payments on others.
Best for:
Minimizing total interest paid
⛄ Debt Snowball
Pay off debts with the smallest balance first while making minimum payments on others.
Best for:
Building momentum with quick wins
Which is better? Mathematically, the avalanche method saves more money in interest. However, the snowball method provides psychological wins that help many people stay motivated. Choose the method that you're most likely to stick with.
Tips for Paying Off Credit Card Debt Faster
Pay More Than Minimum
Even $50 extra per month can save thousands in interest.
Pay More Frequently
Making bi-weekly payments reduces average daily balance.
Consider Balance Transfer
0% APR offers can save interest if you pay off during promo period.
Stop Adding Debt
Cut up cards or freeze them to avoid adding to your balance.
Frequently Asked Questions
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This calculator provides estimates for informational purposes only. Actual results may vary based on your specific credit card terms. Not financial advice.