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Debt & Loan Management
Credit Card Payoff Calculator
See exactly when you'll be debt-free and how much interest you'll pay — with and without extra monthly payments.
This credit card payoff calculator shows the shocking reality of minimum payments vs aggressive payoff. With the US average APR at 21.5%, a $5,000 balance paid at minimum rates (2% of balance) takes over 25 years and costs more in interest than the original debt. Enter your balance, APR, and any extra monthly payment to see how much time and money you save. The full amortization schedule shows every payment until you're debt-free.
💳 Your Credit Card Debt
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Enter your credit card details to see how long until you're debt-free and how much interest you'll pay.
Frequently Asked Questions
Paying only 2% minimum on a $5,000 balance at 21.5% APR takes approximately 26 years and costs ~$9,000 in interest — nearly double the original debt. Even adding $50/month cuts this to 4 years and ~$1,500 in interest. The minimum payment trap is one of the most expensive financial mistakes.
Pay as much as possible above the minimum — ideally a fixed dollar amount, not a percentage of balance (which shrinks as balance decreases). Use the debt avalanche (highest APR first) for maximum interest savings. Consider balance transfer to a 0% intro APR card for a 12–21 month interest-free payoff period.
A 0% balance transfer can save thousands in interest if you pay off the balance before the promotional period ends. Watch for transfer fees (typically 3–5% of balance) and the standard APR after the promo period. Only use this strategy if you're disciplined enough to pay it off in time.