Calculate how long it will take to pay off your credit card balance, see total interest charges, and compare payoff strategies. Find out how much you can save by increasing your monthly payments.
Time to Pay Off
2 years 10 months
Total Payment
$6,749.88
Total Interest
$1,749.88
| Month | Payment | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| 1 | $200.00 | $108.33 | $91.67 | $4,891.67 |
| 2 | $200.00 | $110.32 | $89.68 | $4,781.35 |
| 3 | $200.00 | $112.34 | $87.66 | $4,669.01 |
| 4 | $200.00 | $114.40 | $85.60 | $4,554.60 |
| 5 | $200.00 | $116.50 | $83.50 | $4,438.10 |
| 6 | $200.00 | $118.63 | $81.37 | $4,319.47 |
| 7 | $200.00 | $120.81 | $79.19 | $4,198.66 |
| 8 | $200.00 | $123.02 | $76.98 | $4,075.64 |
| 9 | $200.00 | $125.28 | $74.72 | $3,950.36 |
| 10 | $200.00 | $127.58 | $72.42 | $3,822.78 |
| 11 | $200.00 | $129.92 | $70.08 | $3,692.86 |
| 12 | $200.00 | $132.30 | $67.70 | $3,560.57 |
Credit card interest is calculated daily based on your APR divided by 365. The interest compounds on your remaining balance, which is why minimum payments can take decades to pay off a balance.
Yes! Paying only the minimum means most of your payment goes to interest. Increasing your payment even slightly can save thousands in interest and years off your payoff time.
APR (Annual Percentage Rate) is the yearly interest rate charged on your credit card balance. It includes the base interest rate and may vary between purchase APR, balance transfer APR, and cash advance APR.
A balance transfer moves debt from a high-interest card to one with a lower rate, often a 0% introductory APR for 12-21 months. This lets you pay down principal faster. Watch for transfer fees (typically 3-5%) and pay off the balance before the intro period ends.
Most credit card companies set the minimum payment as the greater of a fixed amount (e.g., $25) or a percentage of your balance (typically 1-3%) plus interest and fees. Paying only the minimum can mean decades to pay off the debt.
Credit utilization is the percentage of your available credit that you're using. Keeping it below 30% (ideally under 10%) helps maintain a good credit score. High utilization signals higher risk to lenders, even if you pay your bill in full each month.
A fixed APR stays the same unless the card issuer notifies you of a change. A variable APR is tied to a benchmark rate (like the prime rate) and fluctuates with market conditions. Most credit cards today have variable APRs.
The avalanche method pays off the highest-interest card first, saving the most money overall. The snowball method pays off the smallest balance first, providing psychological wins. Both work — choose the one that keeps you motivated to become debt-free.