Intergtm

Credit Card Payoff Timeline Calculator

See your payoff date, total interest cost, and how much you save vs making only minimum payments.

Inputs

$
%
$
%

Results update as you type, and the address bar keeps your numbers so the link you share reopens this exact calculation.

Months to payoff

35

2 years 11 months

Detailed results
Total interest paid$1,871
Savings vs minimum payments$43,269
Months if paying minimums only600
Total interest (minimum payments)$45,140

What this result means

Months to payoff: 35.

At this payment level, you'll pay off the balance in 35 months and pay $1,871 in interest — saving $43,269 vs paying only the minimum.

Monthly Payoff Schedule

Balance, interest, and payment each month until payoff.

Monthly Payoff Schedule. 35 rows, first 12 shown.
MonthInterest chargedPaymentRemaining balance
1$95.79$200$4,896
2$93.80$200$4,790
3$91.76$200$4,681
4$89.69$200$4,571
5$87.57$200$4,459
6$85.42$200$4,344
7$83.22$200$4,227
8$80.99$200$4,108
9$78.71$200$3,987
10$76.38$200$3,863
11$74.01$200$3,737
12$71.60$200$3,609

How this is calculated

Payoff months = log(pmt / (pmt - balance × r)) / log(1 + r), where r = APR/12.

Credit card APRs are among the highest consumer interest rates — typically 20–30%. Even a moderate balance can take years and cost thousands in interest if you only make the minimum payment.

Why minimum payments trap you. Minimum payments are typically 1–2% of your balance (or $25, whichever is higher). On a $5,000 balance at 23% APR, paying only minimums could take over 20 years and cost more in interest than the original balance.

The math. Credit card interest compounds monthly: your daily periodic rate is APR ÷ 365 (or 360 depending on the card). Interest is assessed on your average daily balance. Making a fixed monthly payment eliminates the treadmill effect.

Increasing your payment. Even small increases dramatically reduce payoff time. Going from $150 to $250/month on a $5,000 balance at 22.99% APR can cut payoff time nearly in half.

Assumptions

  • Monthly compounding: monthly rate = APR / 12.
  • Fixed payment amount doesn't change over the payoff period.
  • Minimum payment = max(balance × min_pct, $25); no new charges added.
  • Simulation caps at 50 years (600 months).
  • No fees (annual fee, late fee) beyond interest are included.

Frequently asked questions

›Why does paying only the minimum cost so much?

Minimum payments are designed to maximize interest revenue for the card issuer. At 2% of balance, most of your payment goes to interest, leaving very little to reduce the principal.

›Does my payment due date affect interest?

Paying before the due date avoids late fees. Paying the full balance before the due date eliminates interest entirely if you have a grace period (most cards do for purchases).

›Should I pay off cards or invest?

If your credit card APR exceeds your expected investment return (very likely at 20%+ APR), paying off the card first is the better mathematical choice.

›What is the impact of balance transfers?

A 0% intro APR balance transfer can freeze interest for 12–21 months, letting all payments reduce principal. See the balance-transfer-savings calculator.

›How does the minimum payment percentage work?

Most issuers require the greater of a floor amount ($25–35) or a percentage (typically 1–3%) of the statement balance. As your balance falls, the minimum payment falls too, extending payoff time.

Related calculators and guides

Last reviewed and sources

Last reviewed .

Statutory figures marked for verification currently use placeholder values of zero.