Credit Card Payoff Calculator
Find out how long it will take to pay off your credit card debt and how much interest you'll save.
Card Details
Minimum payment is usually ~2% of balance ($100)
Time to Payoff
2 yrs 9 mos
Principal Paid$5,000
Total Interest$1,405
Total Cost$6,405
Balance Over Time
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Payment Schedule
| Mo | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $200.00 | $121.00 | $79.00 | $4,879 |
| 2 | $200.00 | $123.00 | $77.00 | $4,756 |
| 3 | $200.00 | $125.00 | $75.00 | $4,630 |
| 4 | $200.00 | $127.00 | $73.00 | $4,503 |
| 5 | $200.00 | $129.00 | $71.00 | $4,374 |
| 6 | $200.00 | $131.00 | $69.00 | $4,243 |
| 7 | $200.00 | $133.00 | $67.00 | $4,110 |
| 8 | $200.00 | $135.00 | $65.00 | $3,975 |
| 9 | $200.00 | $137.00 | $63.00 | $3,837 |
| 10 | $200.00 | $140.00 | $60.00 | $3,698 |
| 11 | $200.00 | $142.00 | $58.00 | $3,556 |
| 12 | $200.00 | $144.00 | $56.00 | $3,412 |
| 13 | $200.00 | $146.00 | $54.00 | $3,266 |
| 14 | $200.00 | $149.00 | $51.00 | $3,117 |
| 15 | $200.00 | $151.00 | $49.00 | $2,966 |
| 16 | $200.00 | $153.00 | $47.00 | $2,813 |
| 17 | $200.00 | $156.00 | $44.00 | $2,657 |
| 18 | $200.00 | $158.00 | $42.00 | $2,499 |
| 19 | $200.00 | $161.00 | $39.00 | $2,339 |
| 20 | $200.00 | $163.00 | $37.00 | $2,175 |
| 21 | $200.00 | $166.00 | $34.00 | $2,010 |
| 22 | $200.00 | $168.00 | $32.00 | $1,841 |
| 23 | $200.00 | $171.00 | $29.00 | $1,670 |
| 24 | $200.00 | $174.00 | $26.00 | $1,497 |
| 25 | $200.00 | $176.00 | $24.00 | $1,320 |
| 26 | $200.00 | $179.00 | $21.00 | $1,141 |
| 27 | $200.00 | $182.00 | $18.00 | $959 |
| 28 | $200.00 | $185.00 | $15.00 | $774 |
| 29 | $200.00 | $188.00 | $12.00 | $586 |
| 30 | $200.00 | $191.00 | $9.00 | $396 |
| 31 | $200.00 | $194.00 | $6.00 | $202 |
| 32 | $200.00 | $197.00 | $3.00 | $5 |
| 33 | $5.00 | $5.00 | $0.00 | $0 |
Understanding This Payoff Calculator
This calculator helps you estimate how long it will take to pay off your credit card balance based on your monthly payment and APR. It also calculates the total interest paid and shows how your balance declines over time.
Payoff Strategy & Key Concepts
- Snowball vs. Avalanche:Snowball pays off small balances first for momentum; Avalanche targets high interest rates first for maximum savings.
- Interest Compounding:Credit cards compound interest daily. Paying slightly more than the minimum each month dramatically reduces total interest.
- Stop Spending:To successfully complete your payoff plan, avoid adding new charges to the card during repayment.
Important Disclaimer
Actual payoff time may vary depending on issuer billing cycles, fees, and compounding methods. Always review your cardholder agreement.