Debt / THE DECISION DESK
Credit Card Payoff Calculator
See how long minimum payments really take and what they cost, against paying a fixed amount instead. The difference is usually years and thousands.
Reviewed Calculation inputs stay in your browser
Compare up to three snapshots of inputs and headline results. Snapshots clear when you leave this page.
20 yr 10 mo
Paying only the minimum costs $10,405 in interest, 1.7× the balance itself.
Minimum only
Paying $250 a month
Balance over time, both ways
The minimum-only line barely falls at first and then flattens into a long tail. That is the mechanism: because the minimum is a percentage of the balance, it shrinks as the balance does, so each payment removes less principal than the last.
View as table
| Months from today | Minimum only | Paying $250 |
|---|---|---|
| 0 mo | $6,000 | $6,000 |
| 1 mo | $5,940 | $5,865 |
| 2 mo | $5,881 | $5,727 |
| 3 mo | $5,822 | $5,587 |
| 4 mo | $5,764 | $5,444 |
| 5 mo | $5,706 | $5,298 |
| 6 mo | $5,649 | $5,150 |
| 7 mo | $5,592 | $4,999 |
| 8 mo | $5,536 | $4,844 |
| 9 mo | $5,481 | $4,687 |
| 10 mo | $5,426 | $4,527 |
| 11 mo | $5,372 | $4,364 |
| 1 yr | $5,318 | $4,197 |
| 1 yr 1 mo | $5,265 | $4,028 |
| 1 yr 2 mo | $5,212 | $3,855 |
| 1 yr 3 mo | $5,160 | $3,679 |
| 1 yr 4 mo | $5,109 | $3,499 |
| 1 yr 5 mo | $5,058 | $3,316 |
| 1 yr 6 mo | $5,007 | $3,130 |
| 1 yr 7 mo | $4,957 | $2,940 |
| 1 yr 8 mo | $4,907 | $2,746 |
| 1 yr 9 mo | $4,858 | $2,549 |
| 1 yr 10 mo | $4,810 | $2,347 |
| 1 yr 11 mo | $4,762 | $2,142 |
| 2 yr | $4,714 | $1,933 |
| 2 yr 1 mo | $4,667 | $1,720 |
| 2 yr 2 mo | $4,620 | $1,503 |
| 2 yr 3 mo | $4,574 | $1,282 |
| 2 yr 4 mo | $4,528 | $1,057 |
| 2 yr 5 mo | $4,483 | $827 |
| 2 yr 6 mo | $4,438 | $593 |
| 2 yr 7 mo | $4,394 | $354 |
| 2 yr 8 mo | $4,350 | $111 |
| 2 yr 9 mo | $4,306 | $0 |
| 2 yr 10 mo | $4,263 | $0 |
| 2 yr 11 mo | $4,221 | $0 |
| 3 yr | $4,178 | $0 |
| 3 yr 1 mo | $4,137 | $0 |
| 3 yr 2 mo | $4,095 | $0 |
| 3 yr 3 mo | $4,054 | $0 |
| 3 yr 4 mo | $4,014 | $0 |
| 3 yr 5 mo | $3,974 | $0 |
| 3 yr 6 mo | $3,934 | $0 |
| 3 yr 7 mo | $3,895 | $0 |
| 3 yr 8 mo | $3,856 | $0 |
| 3 yr 9 mo | $3,817 | $0 |
| 3 yr 10 mo | $3,779 | $0 |
| 3 yr 11 mo | $3,741 | $0 |
| 4 yr | $3,704 | $0 |
| 4 yr 1 mo | $3,667 | $0 |
| 4 yr 2 mo | $3,630 | $0 |
| 4 yr 3 mo | $3,594 | $0 |
| 4 yr 4 mo | $3,558 | $0 |
| 4 yr 5 mo | $3,522 | $0 |
| 4 yr 6 mo | $3,487 | $0 |
| 4 yr 7 mo | $3,452 | $0 |
| 4 yr 8 mo | $3,418 | $0 |
| 4 yr 9 mo | $3,383 | $0 |
| 4 yr 10 mo | $3,350 | $0 |
| 4 yr 11 mo | $3,316 | $0 |
| 5 yr | $3,283 | $0 |
| 5 yr 1 mo | $3,250 | $0 |
| 5 yr 2 mo | $3,218 | $0 |
| 5 yr 3 mo | $3,185 | $0 |
| 5 yr 4 mo | $3,154 | $0 |
| 5 yr 5 mo | $3,122 | $0 |
| 5 yr 6 mo | $3,091 | $0 |
| 5 yr 7 mo | $3,060 | $0 |
| 5 yr 8 mo | $3,029 | $0 |
| 5 yr 9 mo | $2,999 | $0 |
| 5 yr 10 mo | $2,969 | $0 |
| 5 yr 11 mo | $2,939 | $0 |
| 6 yr | $2,910 | $0 |
| 6 yr 1 mo | $2,881 | $0 |
| 6 yr 2 mo | $2,852 | $0 |
| 6 yr 3 mo | $2,824 | $0 |
| 6 yr 4 mo | $2,795 | $0 |
| 6 yr 5 mo | $2,767 | $0 |
| 6 yr 6 mo | $2,740 | $0 |
| 6 yr 7 mo | $2,712 | $0 |
| 6 yr 8 mo | $2,685 | $0 |
| 6 yr 9 mo | $2,658 | $0 |
| 6 yr 10 mo | $2,632 | $0 |
| 6 yr 11 mo | $2,605 | $0 |
| 7 yr | $2,579 | $0 |
| 7 yr 1 mo | $2,554 | $0 |
| 7 yr 2 mo | $2,528 | $0 |
| 7 yr 3 mo | $2,503 | $0 |
| 7 yr 4 mo | $2,478 | $0 |
| 7 yr 5 mo | $2,453 | $0 |
| 7 yr 6 mo | $2,428 | $0 |
| 7 yr 7 mo | $2,404 | $0 |
| 7 yr 8 mo | $2,380 | $0 |
| 7 yr 9 mo | $2,356 | $0 |
| 7 yr 10 mo | $2,333 | $0 |
| 7 yr 11 mo | $2,309 | $0 |
| 8 yr | $2,286 | $0 |
| 8 yr 1 mo | $2,263 | $0 |
| 8 yr 2 mo | $2,241 | $0 |
| 8 yr 3 mo | $2,218 | $0 |
| 8 yr 4 mo | $2,196 | $0 |
| 8 yr 5 mo | $2,174 | $0 |
| 8 yr 6 mo | $2,152 | $0 |
| 8 yr 7 mo | $2,131 | $0 |
| 8 yr 8 mo | $2,110 | $0 |
| 8 yr 9 mo | $2,089 | $0 |
| 8 yr 10 mo | $2,068 | $0 |
| 8 yr 11 mo | $2,047 | $0 |
| 9 yr | $2,027 | $0 |
| 9 yr 1 mo | $2,006 | $0 |
| 9 yr 2 mo | $1,986 | $0 |
| 9 yr 3 mo | $1,966 | $0 |
| 9 yr 4 mo | $1,947 | $0 |
| 9 yr 5 mo | $1,927 | $0 |
| 9 yr 6 mo | $1,908 | $0 |
| 9 yr 7 mo | $1,889 | $0 |
| 9 yr 8 mo | $1,870 | $0 |
| 9 yr 9 mo | $1,851 | $0 |
| 9 yr 10 mo | $1,833 | $0 |
| 9 yr 11 mo | $1,814 | $0 |
| 10 yr | $1,796 | $0 |
| 10 yr 1 mo | $1,778 | $0 |
| 10 yr 2 mo | $1,761 | $0 |
| 10 yr 3 mo | $1,743 | $0 |
| 10 yr 4 mo | $1,726 | $0 |
| 10 yr 5 mo | $1,708 | $0 |
| 10 yr 6 mo | $1,691 | $0 |
| 10 yr 7 mo | $1,674 | $0 |
| 10 yr 8 mo | $1,658 | $0 |
| 10 yr 9 mo | $1,641 | $0 |
| 10 yr 10 mo | $1,625 | $0 |
| 10 yr 11 mo | $1,608 | $0 |
| 11 yr | $1,592 | $0 |
| 11 yr 1 mo | $1,576 | $0 |
| 11 yr 2 mo | $1,561 | $0 |
| 11 yr 3 mo | $1,545 | $0 |
| 11 yr 4 mo | $1,529 | $0 |
| 11 yr 5 mo | $1,514 | $0 |
| 11 yr 6 mo | $1,499 | $0 |
| 11 yr 7 mo | $1,484 | $0 |
| 11 yr 8 mo | $1,469 | $0 |
| 11 yr 9 mo | $1,454 | $0 |
| 11 yr 10 mo | $1,440 | $0 |
| 11 yr 11 mo | $1,426 | $0 |
| 12 yr | $1,411 | $0 |
| 12 yr 1 mo | $1,397 | $0 |
| 12 yr 2 mo | $1,383 | $0 |
| 12 yr 3 mo | $1,369 | $0 |
| 12 yr 4 mo | $1,356 | $0 |
| 12 yr 5 mo | $1,342 | $0 |
| 12 yr 6 mo | $1,329 | $0 |
| 12 yr 7 mo | $1,315 | $0 |
| 12 yr 8 mo | $1,302 | $0 |
| 12 yr 9 mo | $1,289 | $0 |
| 12 yr 10 mo | $1,276 | $0 |
| 12 yr 11 mo | $1,264 | $0 |
| 13 yr | $1,251 | $0 |
| 13 yr 1 mo | $1,238 | $0 |
| 13 yr 2 mo | $1,226 | $0 |
| 13 yr 3 mo | $1,214 | $0 |
| 13 yr 4 mo | $1,202 | $0 |
| 13 yr 5 mo | $1,190 | $0 |
| 13 yr 6 mo | $1,178 | $0 |
| 13 yr 7 mo | $1,166 | $0 |
| 13 yr 8 mo | $1,154 | $0 |
| 13 yr 9 mo | $1,143 | $0 |
| 13 yr 10 mo | $1,131 | $0 |
| 13 yr 11 mo | $1,120 | $0 |
| 14 yr | $1,109 | $0 |
| 14 yr 1 mo | $1,098 | $0 |
| 14 yr 2 mo | $1,087 | $0 |
| 14 yr 3 mo | $1,076 | $0 |
| 14 yr 4 mo | $1,065 | $0 |
| 14 yr 5 mo | $1,054 | $0 |
| 14 yr 6 mo | $1,044 | $0 |
| 14 yr 7 mo | $1,033 | $0 |
| 14 yr 8 mo | $1,023 | $0 |
| 14 yr 9 mo | $1,013 | $0 |
| 14 yr 10 mo | $1,003 | $0 |
| 14 yr 11 mo | $993 | $0 |
| 15 yr | $983 | $0 |
| 15 yr 1 mo | $973 | $0 |
| 15 yr 2 mo | $963 | $0 |
| 15 yr 3 mo | $954 | $0 |
| 15 yr 4 mo | $944 | $0 |
| 15 yr 5 mo | $935 | $0 |
| 15 yr 6 mo | $925 | $0 |
| 15 yr 7 mo | $916 | $0 |
| 15 yr 8 mo | $907 | $0 |
| 15 yr 9 mo | $898 | $0 |
| 15 yr 10 mo | $889 | $0 |
| 15 yr 11 mo | $880 | $0 |
| 16 yr | $871 | $0 |
| 16 yr 1 mo | $862 | $0 |
| 16 yr 2 mo | $854 | $0 |
| 16 yr 3 mo | $845 | $0 |
| 16 yr 4 mo | $836 | $0 |
| 16 yr 5 mo | $827 | $0 |
| 16 yr 6 mo | $818 | $0 |
| 16 yr 7 mo | $809 | $0 |
| 16 yr 8 mo | $799 | $0 |
| 16 yr 9 mo | $790 | $0 |
| 16 yr 10 mo | $780 | $0 |
| 16 yr 11 mo | $770 | $0 |
| 17 yr | $760 | $0 |
| 17 yr 1 mo | $749 | $0 |
| 17 yr 2 mo | $738 | $0 |
| 17 yr 3 mo | $728 | $0 |
| 17 yr 4 mo | $717 | $0 |
| 17 yr 5 mo | $705 | $0 |
| 17 yr 6 mo | $694 | $0 |
| 17 yr 7 mo | $682 | $0 |
| 17 yr 8 mo | $670 | $0 |
| 17 yr 9 mo | $658 | $0 |
| 17 yr 10 mo | $646 | $0 |
| 17 yr 11 mo | $633 | $0 |
| 18 yr | $620 | $0 |
| 18 yr 1 mo | $607 | $0 |
| 18 yr 2 mo | $594 | $0 |
| 18 yr 3 mo | $580 | $0 |
| 18 yr 4 mo | $566 | $0 |
| 18 yr 5 mo | $552 | $0 |
| 18 yr 6 mo | $538 | $0 |
| 18 yr 7 mo | $523 | $0 |
| 18 yr 8 mo | $508 | $0 |
| 18 yr 9 mo | $493 | $0 |
| 18 yr 10 mo | $477 | $0 |
| 18 yr 11 mo | $461 | $0 |
| 19 yr | $445 | $0 |
| 19 yr 1 mo | $429 | $0 |
| 19 yr 2 mo | $412 | $0 |
| 19 yr 3 mo | $395 | $0 |
| 19 yr 4 mo | $377 | $0 |
| 19 yr 5 mo | $359 | $0 |
| 19 yr 6 mo | $341 | $0 |
| 19 yr 7 mo | $323 | $0 |
| 19 yr 8 mo | $304 | $0 |
| 19 yr 9 mo | $285 | $0 |
| 19 yr 10 mo | $265 | $0 |
| 19 yr 11 mo | $245 | $0 |
| 20 yr | $225 | $0 |
| 20 yr 1 mo | $204 | $0 |
| 20 yr 2 mo | $183 | $0 |
| 20 yr 3 mo | $162 | $0 |
| 20 yr 4 mo | $140 | $0 |
| 20 yr 5 mo | $118 | $0 |
| 20 yr 6 mo | $95 | $0 |
| 20 yr 7 mo | $72 | $0 |
| 20 yr 8 mo | $48 | $0 |
| 20 yr 9 mo | $24 | $0 |
| 20 yr 10 mo | $0 | $0 |
How this is calculated
This is a month-by-month simulation, not a formula, because the minimum payment changes every month as the balance falls. Each month:
interest = balance × apr / 12
minimum = max(floor, interest + balance × principal rate)
balance = balance + interest − payment
That second line is the whole story. Because the minimum contains a percentage of the balance, it falls as the balance falls. The fixed payment scenario runs the identical simulation with the payment held constant, which is the only difference between the two curves.
A payment at or below the accrued interest never touches principal. Rather than looping forever, the simulation detects that case and reports that the balance never clears. There is also a hard stop at 60 years.
Not modelled: new spending on the card, late fees, penalty APRs triggered by a missed payment, promotional rates on part of the balance, or the payment-allocation rules that apply when different portions of a balance carry different rates. All of these make the real outcome worse rather than better.
Common questions
›Why does paying the minimum take so long?
Because the minimum is a percentage of the balance, so it shrinks as the balance does. Each payment removes slightly less principal than the one before, and the finish line keeps retreating. On a $6,000 balance at 23% the first minimum is around $175, but by the time the balance is $2,000 the minimum has fallen to about $58 — most of which is still interest. Holding the payment constant instead is what breaks the pattern, and it is a far bigger lever than the exact rate.
›How is the minimum payment actually calculated?
Most US issuers use accrued interest plus roughly 1% of the principal, subject to a floor of $25 to $35. Some use a flat 2-3% of the balance instead. Your card agreement states the formula, and it is worth checking, because the two structures produce very different payoff timelines on the same balance. This calculator uses the interest-plus-principal form, which is the more common one.
›Should I pay the card or invest the money?
Pay the card, in nearly every case. Clearing a 23% balance is a guaranteed 23% return, and essentially no investment reliably delivers that. The usual exception is capturing an employer retirement match first, since a 50% or 100% match beats even credit card interest. Beyond that, high-rate revolving debt is the highest-return use of a spare dollar most people will ever have.
›Does paying more than the minimum hurt my credit score?
No, the opposite. Paying down a balance lowers your credit utilisation, which is one of the largest inputs to a score. The persistent myth that carrying a balance helps your score is simply false — you get the same credit-building benefit from using the card and paying it off in full, without the interest.
›What if the calculator says the minimum never clears the balance?
It means the interest accruing each month is at least as large as the minimum payment, so the balance never falls. That happens with a low minimum floor on a large balance at a high rate. It is not an error, it is the situation a balance transfer, a consolidation loan, or a call to the issuer asking for a hardship rate exists to break.