Debt Payoff
Credit Card Payoff Calculator
See how long a card balance takes to clear at a fixed monthly payment, what the interest costs you, and how much a small extra payment changes both.
Time to clear the balance
3 yr 1 mo
37 payments · $2,566 interest
- Total interest paid
- $2,566
- Total amount paid
- $9,066
- Payoff with +$50/mo
- 2 yr 5 mo
- Interest saved by the extra
- $599
Balance vs interest cost
- Balance — 72%
- Interest — 28%
How revolving interest works
Each month the card charges roughly the APR divided by twelve on the balance you carry. That charge is added first; your payment then reduces the total. So the first thing every payment does is buy back the interest just charged — only the remainder is progress.
On a $6,500 balance at 22.9% that first interest charge is about $124.04. A payment near that number leaves the balance almost unchanged, which is how balances persist for years.
Extra payments are unusually powerful here because card rates are high. The comparison on the right shows the same balance with and without your extra amount — the interest difference is usually the strongest argument for paying cards before other debt.
Frequently asked questions
Why does the calculator say the balance never clears?
Because the payment you entered is smaller than the monthly interest charge. The balance grows every month. Increase the payment above the interest figure shown to make progress.
How is credit card interest charged?
The APR is divided by twelve and applied to the balance each month. Interest is added before your payment reduces the balance, which is why a small payment barely moves the total.
Do minimum payments ever clear a card?
Eventually, but slowly — a percentage-based minimum shrinks as the balance falls, stretching payoff over many years and multiplying the interest. A fixed payment clears the card far faster.
Is a balance transfer worth it?
Compare the transfer fee against the interest you would otherwise pay during the promotional period. If the fee is smaller and you can clear the balance before the promo ends, it usually wins.