Updated · Built and checked by the PlinzoTools team, formulas tested against published sources
Calculate how long it takes to pay off a credit card balance and total interest paid at a fixed payment.
Unlike a fixed-term loan, a credit card is revolving debt with no built-in payoff date -- how long it takes to pay off and how much interest accrues depends entirely on how much you pay each month above the interest that's accruing. This calculator simulates your balance month by month to show a real payoff timeline, and can also reveal the "minimum payment trap": if your payment doesn't even cover the interest accruing, the balance never shrinks at all, which is the identical question behind "Credit Card Minimum Payment Calculator" searches.
Enter your current balance, your card's APR, and the fixed monthly payment you plan to make.
Each month, interest accrues on the remaining balance at the monthly rate (APR ÷ 12), the remainder of your payment reduces the principal, and the process repeats until the balance reaches zero -- or, if your payment doesn't exceed the accruing interest, the calculator flags that payoff is not possible at that payment level.
Many cards' minimum payment is calculated as a small percentage of the balance (often 1-3%) or a small flat amount, whichever is greater -- at low balances or high APRs, this minimum can be barely enough (or not enough) to cover accruing interest, meaning the balance shrinks extremely slowly or not at all. Always pay more than the stated minimum whenever possible.
Take a hypothetical $3,000 balance at 20% APR. Monthly interest starts at about $50. If you pay only $50 a month, the balance never falls, so payoff is not possible. At $100 a month, the balance clears in about 42 months with roughly $1,190 of interest. At $150 a month, it clears in about 25 months with roughly $680 of interest. The extra $50 a month cuts both the time and the interest dramatically, because more of each payment attacks the principal.
This calculator assumes the same payment every month. Many issuers calculate the minimum as a percentage of the balance, which shrinks as you pay down, and that stretches the payoff timeline far beyond what you would see with a constant payment. To mimic the safer approach, choose the amount you can consistently pay and hold it steady. If you set it at your current minimum, you will see a faster payoff than an issuer's shrinking minimum would actually produce.
The simulation uses a monthly rate of APR divided by 12 and ignores late fees, annual fees, and changes in APR. If you are struggling to make payments, a nonprofit credit counseling agency can review your options, including debt management plans. Look for a reputable agency and be wary of anyone who charges large upfront fees.
It means your monthly payment doesn't even cover the interest accruing on the balance each month -- the balance will never shrink at that payment level, no matter how long you wait. You need a higher payment to make real progress.
A loan has a fixed term calculated in advance; a credit card is revolving debt where you choose the payment and the payoff time is a result of that choice, not a fixed input.
Only in emergencies -- minimum payments are structured to maximize a card issuer's interest income over time, so paying more than the minimum whenever possible saves substantial interest.
Statements usually assume the minimum payment, which changes each month. This tool assumes a fixed payment you choose, so the timeline can be much shorter.
Ideally yes, since new purchases add to the balance and this calculator does not model them.
Applying it early lowers the balance sooner, which reduces interest more than spreading it out.
Reference: Consumer Financial Protection Bureau