How This Calculator Works
This calculator helps you understand how long it will take to pay off your credit card debt and how much interest you will end up paying, based on your monthly payment amount.
Two Payment Strategies
- Fixed Monthly Payment: Enter a specific dollar amount you can pay every month. The calculator will show how many months/years it will take to become debt-free.
- Pay Off in Timeframe: Choose to pay a percentage above the minimum (Interest + 1%, 2%, 3%, or 5%). This strategy helps you pay off debt faster.
Key Insights
- Credit card interest is usually very high (15–25% APR). Paying only the minimum can keep you in debt for decades.
- Even small increases in monthly payment can dramatically reduce the time and total interest paid.
- The line chart shows how your balance decreases while cumulative interest increases over time.
Important Notes
- This calculator assumes a fixed interest rate and fixed monthly payment.
- Real credit cards may have varying APRs, fees, and changing minimum payments.
- Consider balance transfer offers or debt consolidation if your interest rate is high.