Credit Card Payoff Calculator
See the true cost of minimum payments versus a fixed monthly payment.
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Your Results
Payoff time (minimum)600 months
Interest (minimum path)$55,653.61
Payoff time (your payment)49 months
Interest (your payment)$4,158.37
Interest saved$51,495.24
Assumes a 2% minimum (min $25). Rates and payments can change.
Frequently Asked Questions
Why do minimum payments take so long?
The minimum mostly covers interest, so the balance shrinks slowly. At 22% APR, a $8,000 balance takes decades at the minimum and costs thousands in interest.
What is the best payoff strategy?
Pay the highest-APR card first (avalanche) to minimize interest, or the smallest balance first (snowball) for motivation. Either beats the minimum.
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