Credit Card Payoff Calculator
How long minimum payments really take, and what a fixed payment does instead.
How this number is built
Doing it by hand
Step 1
Enter the statement balance, not the credit limit.
Step 2
Use the purchase APR from the statement; promotional rates expire.
Step 3
Set a fixed monthly payment you can sustain, above the minimum.
Step 4
Stop new spending on the card while paying it down.
Step 5
Compare the interest saved against a balance transfer offer before deciding.
What people ask next
Why do minimum payments take so long?
The minimum falls as the balance falls, so the payoff stretches out indefinitely while interest keeps accruing.
Snowball or avalanche?
Avalanche — highest rate first — costs less. Snowball clears small balances faster and some people stick with it better.
Searches this page answers
| Related search | Goes to |
|---|---|
| credit | How to Calculate Credit Card Payoff |
| credit card interest | How to Calculate Credit Card Payoff |
| how to pay off credit card debt faster | How to Calculate Credit Card Payoff |
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