Credit Card Payoff Calculator
Estimate how long it will take to become debt‑free, total interest paid, and compare different monthly payments to find your fastest payoff strategy.
Step 1: Card Details
$5000
18.0%
How credit card interest works
Interest is typically compounded daily or monthly. We use monthly compounding (standard). Your minimum payment should at least cover the interest to reduce the principal.
Step 2: Payment Plan
$200
$0
Payment tips
Even small extra payments can save months of interest. The table below compares different monthly amounts.
Payoff Summary
Summary
Payment Comparison
Payoff Curve
Estimated time to pay off
2 years 3 months
Payoff date: Jan 2027
Total interest paid
$1,234.56
Total payments
$6,234.56
Monthly payment (used)
$200.00
Interest savings vs. min
—
Compare different monthly payments
| Monthly payment | Payoff time | Total interest | Total paid | Savings (vs $200) |
|---|
Balance over time
Payoff formula
Monthly compounding: new balance = balance × (1 + monthly rate) – payment. The curve stops when balance ≤ 0.
Personalized debt payoff plan
Talk to a certified financial counselor for a strategy tailored to your cards, interest rates, and budget.
Get free consultation