See how long minimum payments take to clear a balance — and how much interest they really cost.
How credit card payoff is worked out
Credit card minimum payments are a percentage of the balance with a dollar floor, so they shrink as the balance falls and stretch payoff over years. Enter your balance, APR and minimum terms to see the true cost.
The lesson is usually to pay more than the minimum.
Try it with these numbers
Worked through, a balance of 5,000 produces a payoff time of 968. Underneath, Total interest comes out at $43,419.49 and Total paid at $48,419.49. Change any field and every figure updates as you type.
Step by step
- Enter your balance and APR.
- Enter the minimum payment percentage and floor.
- See the payoff time and total interest.
The formula
each month: interest = balance × APR ÷ 12
payment = max(balance × min%, floor)
Frequently asked questions
Why do minimum payments take so long?
Because they fall as the balance drops, so less goes to principal over time — stretching payoff over years and piling up interest.
How much should I pay?
As much above the minimum as you can. Even a fixed higher payment dramatically cuts the time and interest.
What if the minimum barely covers interest?
Then the balance never clears. Paying more than the monthly interest is essential to make progress. This is an estimate, not advice.