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Enter your balance, APR, and planned monthly payment to see exactly when your credit card will be paid off and the total interest you'll pay.
Paying a fixed amount above the minimum each month is the most reliable way to eliminate credit card debt on a predictable schedule. Unlike minimum payments — which shrink as your balance falls and extend payoff to decades — a fixed payment produces a defined end date. At 22% APR, a $5,000 balance requires a monthly payment of at least $91.67 just to avoid the balance growing (the interest-only threshold). A $200 fixed payment pays it off in 31 months for about $1,130 in interest. A $300 payment clears it in 19 months for $690 in interest. Every extra dollar above the interest charge goes directly to reducing principal. This calculator shows your exact payoff date, total interest, total amount paid, and the minimum payment you must exceed to make any progress on the principal.
Your monthly payment must exceed the interest charged that month. At 22% APR on a $5,000 balance, the monthly interest is about $91.67. Any payment below that means your balance grows despite paying. This calculator shows you the exact threshold.
It depends on your APR and balance. On a $5,000 balance at 22% APR, increasing your payment from $150 to $200 saves approximately $400 in interest and cuts payoff time by 8 months. The savings per extra dollar are highest when balances and APRs are high.
At 20%+ APRs, paying off credit card debt almost always beats investing. The average long-term stock market return is 7–10% annually — below typical credit card rates. A guaranteed 21% 'return' from debt elimination beats uncertain investment returns.
Yes. Making bi-weekly payments instead of monthly lowers your average daily balance, which reduces interest charges under the Average Daily Balance calculation method used by most US issuers. Even paying half the amount bi-weekly slightly accelerates payoff.
You can still reduce total interest by paying extra whenever possible. Even making one large lump-sum payment reduces principal and future interest charges, because interest compounds daily on the remaining balance.
Have more questions? These calculators provide estimates for educational purposes only. For personalized financial advice, consult with a qualified financial professional. See our disclaimer for more information.
$4,000 balance at 19.99% APR with a $150/month fixed payment
{
"balance": 4000,
"apr": 19.99,
"monthly_payment": 150
}