Find credit card payoff time and interest, and compare a fixed payment with a balance-based minimum.
USD inputs · transparent calculation assumptions
Instant updates as inputs change
Data is calculated in this browser only
USD inputs · transparent calculation assumptions
Fixed-payment payoff time26 months
Fixed-plan interest
$1,285.72
Fixed-plan total paid
$6,285.72
Minimum-plan payoff time
968 months
Minimum-plan interest
$43,419.49
Interest saved vs minimum plan
$42,133.76
Months saved vs minimum plan
942 months
Calculation notes
Understand the Credit card payoff calculator
Each month, interest = current balance × APR / 12; the payment reduces principal after interest. Minimum payment = max(balance × minimum percentage, fixed floor), capped at the final amount due. The calculation runs locally and keeps cash-flow timing consistent with the stated assumptions.
Formula and logic
How do I calculate credit card payoff time with a fixed monthly payment?
Each month, interest = current balance × APR / 12; the payment reduces principal after interest. Minimum payment = max(balance × minimum percentage, fixed floor), capped at the final amount due.
Worked example
How much principal does $250 repay on a $5,000 card at 22% APR?
For $5,000 at 22% APR, first-month interest is about $91.67. A $250 payment reduces principal by about $158.33; paying $90 would not cover that month’s interest.
How to read the result
Why do minimum credit card payments take longer to clear a balance?
A fixed payment generally repays debt faster than a minimum that declines with the balance.
Compare total interest as well as the monthly cash commitment.
Limits and assumptions
Does a credit card payoff estimate include new purchases and issuer fees?
Assumes no new purchases, fees, rate changes or daily accrual. Issuer minimum formulas vary. An unavailable comparison means its plan does not pay off within the 100-year simulation horizon.