Credit Card Payoff Calculator
Enter a card balance and an APR to see how long the credit card takes to pay off on minimum payments alone, what a fixed monthly payment does to that, and what payment clears the balance in a chosen number of months.
Paid off March 1, 2046 after 234 payments
- First payment
- $150.00
- Payments
- 234
- Total interest
- $8,886.94
- Total paid
- $13,886.94
234 payments, from $18.93 to $150.00; the last is $18.93. Open the schedule for every row.
Full amortization schedule — every payment
| # | Date | Payment | Interest | Principal | Balance |
|---|---|---|---|---|---|
| 1 | 2026-10-01 | $150.00 | $100.00 | $50.00 | $4,950.00 |
| 2 | 2026-11-01 | $148.50 | $99.00 | $49.50 | $4,900.50 |
| 3 | 2026-12-01 | $147.02 | $98.01 | $49.01 | $4,851.49 |
| 4 | 2027-01-01 | $145.54 | $97.03 | $48.51 | $4,802.98 |
| 5 | 2027-02-01 | $144.09 | $96.06 | $48.03 | $4,754.95 |
| 6 | 2027-03-01 | $142.65 | $95.10 | $47.55 | $4,707.40 |
| 7 | 2027-04-01 | $141.22 | $94.15 | $47.07 | $4,660.33 |
| 8 | 2027-05-01 | $139.81 | $93.21 | $46.60 | $4,613.73 |
| 9 | 2027-06-01 | $138.41 | $92.27 | $46.14 | $4,567.59 |
| 10 | 2027-07-01 | $137.03 | $91.35 | $45.68 | $4,521.91 |
| 11 | 2027-08-01 | $135.66 | $90.44 | $45.22 | $4,476.69 |
| 12 | 2027-09-01 | $134.30 | $89.53 | $44.77 | $4,431.92 |
| 13 | 2027-10-01 | $132.96 | $88.64 | $44.32 | $4,387.60 |
| 14 | 2027-11-01 | $131.63 | $87.75 | $43.88 | $4,343.72 |
| 15 | 2027-12-01 | $130.31 | $86.87 | $43.44 | $4,300.28 |
| 16 | 2028-01-01 | $129.01 | $86.01 | $43.00 | $4,257.28 |
| 17 | 2028-02-01 | $127.72 | $85.15 | $42.57 | $4,214.71 |
| 18 | 2028-03-01 | $126.44 | $84.29 | $42.15 | $4,172.56 |
| 19 | 2028-04-01 | $125.18 | $83.45 | $41.73 | $4,130.83 |
| 20 | 2028-05-01 | $123.93 | $82.62 | $41.31 | $4,089.52 |
| 21 | 2028-06-01 | $122.69 | $81.79 | $40.90 | $4,048.62 |
| 22 | 2028-07-01 | $121.46 | $80.97 | $40.49 | $4,008.13 |
| 23 | 2028-08-01 | $120.24 | $80.16 | $40.08 | $3,968.05 |
| 24 | 2028-09-01 | $119.04 | $79.36 | $39.68 | $3,928.37 |
| 25 | 2028-10-01 | $117.85 | $78.57 | $39.28 | $3,889.09 |
| 26 | 2028-11-01 | $116.67 | $77.78 | $38.89 | $3,850.20 |
| 27 | 2028-12-01 | $115.50 | $77.00 | $38.50 | $3,811.70 |
| 28 | 2029-01-01 | $114.35 | $76.23 | $38.12 | $3,773.58 |
| 29 | 2029-02-01 | $113.21 | $75.47 | $37.74 | $3,735.84 |
| 30 | 2029-03-01 | $112.08 | $74.72 | $37.36 | $3,698.48 |
| 31 | 2029-04-01 | $110.95 | $73.97 | $36.98 | $3,661.50 |
| 32 | 2029-05-01 | $109.85 | $73.23 | $36.62 | $3,624.88 |
| 33 | 2029-06-01 | $108.75 | $72.50 | $36.25 | $3,588.63 |
| 34 | 2029-07-01 | $107.66 | $71.77 | $35.89 | $3,552.74 |
| 35 | 2029-08-01 | $106.58 | $71.05 | $35.53 | $3,517.21 |
| 36 | 2029-09-01 | $105.51 | $70.34 | $35.17 | $3,482.04 |
| 37 | 2029-10-01 | $104.46 | $69.64 | $34.82 | $3,447.22 |
| 38 | 2029-11-01 | $103.41 | $68.94 | $34.47 | $3,412.75 |
| 39 | 2029-12-01 | $102.39 | $68.26 | $34.13 | $3,378.62 |
| 40 | 2030-01-01 | $101.36 | $67.57 | $33.79 | $3,344.83 |
| 41 | 2030-02-01 | $100.35 | $66.90 | $33.45 | $3,311.38 |
| 42 | 2030-03-01 | $99.34 | $66.23 | $33.11 | $3,278.27 |
| 43 | 2030-04-01 | $98.35 | $65.57 | $32.78 | $3,245.49 |
| 44 | 2030-05-01 | $97.36 | $64.91 | $32.45 | $3,213.04 |
| 45 | 2030-06-01 | $96.39 | $64.26 | $32.13 | $3,180.91 |
| 46 | 2030-07-01 | $95.43 | $63.62 | $31.81 | $3,149.10 |
| 47 | 2030-08-01 | $94.47 | $62.98 | $31.49 | $3,117.61 |
| 48 | 2030-09-01 | $93.53 | $62.35 | $31.18 | $3,086.43 |
| 49 | 2030-10-01 | $92.59 | $61.73 | $30.86 | $3,055.57 |
| 50 | 2030-11-01 | $91.67 | $61.11 | $30.56 | $3,025.01 |
| 51 | 2030-12-01 | $90.75 | $60.50 | $30.25 | $2,994.76 |
| 52 | 2031-01-01 | $89.85 | $59.90 | $29.95 | $2,964.81 |
| 53 | 2031-02-01 | $88.95 | $59.30 | $29.65 | $2,935.16 |
| 54 | 2031-03-01 | $88.05 | $58.70 | $29.35 | $2,905.81 |
| 55 | 2031-04-01 | $87.18 | $58.12 | $29.06 | $2,876.75 |
| 56 | 2031-05-01 | $86.31 | $57.54 | $28.77 | $2,847.98 |
| 57 | 2031-06-01 | $85.44 | $56.96 | $28.48 | $2,819.50 |
| 58 | 2031-07-01 | $84.59 | $56.39 | $28.20 | $2,791.30 |
| 59 | 2031-08-01 | $83.74 | $55.83 | $27.91 | $2,763.39 |
| 60 | 2031-09-01 | $82.90 | $55.27 | $27.63 | $2,735.76 |
| 61 | 2031-10-01 | $82.08 | $54.72 | $27.36 | $2,708.40 |
| 62 | 2031-11-01 | $81.25 | $54.17 | $27.08 | $2,681.32 |
| 63 | 2031-12-01 | $80.44 | $53.63 | $26.81 | $2,654.51 |
| 64 | 2032-01-01 | $79.64 | $53.09 | $26.55 | $2,627.96 |
| 65 | 2032-02-01 | $78.84 | $52.56 | $26.28 | $2,601.68 |
| 66 | 2032-03-01 | $78.05 | $52.03 | $26.02 | $2,575.66 |
| 67 | 2032-04-01 | $77.27 | $51.51 | $25.76 | $2,549.90 |
| 68 | 2032-05-01 | $76.50 | $51.00 | $25.50 | $2,524.40 |
| 69 | 2032-06-01 | $75.73 | $50.49 | $25.24 | $2,499.16 |
| 70 | 2032-07-01 | $74.97 | $49.98 | $24.99 | $2,474.17 |
| 71 | 2032-08-01 | $74.22 | $49.48 | $24.74 | $2,449.43 |
| 72 | 2032-09-01 | $73.48 | $48.99 | $24.49 | $2,424.94 |
| 73 | 2032-10-01 | $72.75 | $48.50 | $24.25 | $2,400.69 |
| 74 | 2032-11-01 | $72.02 | $48.01 | $24.01 | $2,376.68 |
| 75 | 2032-12-01 | $71.30 | $47.53 | $23.77 | $2,352.91 |
| 76 | 2033-01-01 | $70.59 | $47.06 | $23.53 | $2,329.38 |
| 77 | 2033-02-01 | $69.88 | $46.59 | $23.29 | $2,306.09 |
| 78 | 2033-03-01 | $69.18 | $46.12 | $23.06 | $2,283.03 |
| 79 | 2033-04-01 | $68.49 | $45.66 | $22.83 | $2,260.20 |
| 80 | 2033-05-01 | $67.80 | $45.20 | $22.60 | $2,237.60 |
| 81 | 2033-06-01 | $67.13 | $44.75 | $22.38 | $2,215.22 |
| 82 | 2033-07-01 | $66.45 | $44.30 | $22.15 | $2,193.07 |
| 83 | 2033-08-01 | $65.79 | $43.86 | $21.93 | $2,171.14 |
| 84 | 2033-09-01 | $65.13 | $43.42 | $21.71 | $2,149.43 |
| 85 | 2033-10-01 | $64.48 | $42.99 | $21.49 | $2,127.94 |
| 86 | 2033-11-01 | $63.84 | $42.56 | $21.28 | $2,106.66 |
| 87 | 2033-12-01 | $63.20 | $42.13 | $21.07 | $2,085.59 |
| 88 | 2034-01-01 | $62.57 | $41.71 | $20.86 | $2,064.73 |
| 89 | 2034-02-01 | $61.94 | $41.29 | $20.65 | $2,044.08 |
| 90 | 2034-03-01 | $61.32 | $40.88 | $20.44 | $2,023.64 |
| 91 | 2034-04-01 | $60.71 | $40.47 | $20.24 | $2,003.40 |
| 92 | 2034-05-01 | $60.10 | $40.07 | $20.03 | $1,983.37 |
| 93 | 2034-06-01 | $59.50 | $39.67 | $19.83 | $1,963.54 |
| 94 | 2034-07-01 | $58.91 | $39.27 | $19.64 | $1,943.90 |
| 95 | 2034-08-01 | $58.32 | $38.88 | $19.44 | $1,924.46 |
| 96 | 2034-09-01 | $57.73 | $38.49 | $19.24 | $1,905.22 |
| 97 | 2034-10-01 | $57.15 | $38.10 | $19.05 | $1,886.17 |
| 98 | 2034-11-01 | $56.58 | $37.72 | $18.86 | $1,867.31 |
| 99 | 2034-12-01 | $56.02 | $37.35 | $18.67 | $1,848.64 |
| 100 | 2035-01-01 | $55.46 | $36.97 | $18.49 | $1,830.15 |
| 101 | 2035-02-01 | $54.90 | $36.60 | $18.30 | $1,811.85 |
| 102 | 2035-03-01 | $54.36 | $36.24 | $18.12 | $1,793.73 |
| 103 | 2035-04-01 | $53.81 | $35.87 | $17.94 | $1,775.79 |
| 104 | 2035-05-01 | $53.28 | $35.52 | $17.76 | $1,758.03 |
| 105 | 2035-06-01 | $52.74 | $35.16 | $17.58 | $1,740.45 |
| 106 | 2035-07-01 | $52.21 | $34.81 | $17.40 | $1,723.05 |
| 107 | 2035-08-01 | $51.69 | $34.46 | $17.23 | $1,705.82 |
| 108 | 2035-09-01 | $51.18 | $34.12 | $17.06 | $1,688.76 |
| 109 | 2035-10-01 | $50.67 | $33.78 | $16.89 | $1,671.87 |
| 110 | 2035-11-01 | $50.16 | $33.44 | $16.72 | $1,655.15 |
| 111 | 2035-12-01 | $49.65 | $33.10 | $16.55 | $1,638.60 |
| 112 | 2036-01-01 | $49.16 | $32.77 | $16.39 | $1,622.21 |
| 113 | 2036-02-01 | $48.66 | $32.44 | $16.22 | $1,605.99 |
| 114 | 2036-03-01 | $48.18 | $32.12 | $16.06 | $1,589.93 |
| 115 | 2036-04-01 | $47.70 | $31.80 | $15.90 | $1,574.03 |
| 116 | 2036-05-01 | $47.22 | $31.48 | $15.74 | $1,558.29 |
| 117 | 2036-06-01 | $46.75 | $31.17 | $15.58 | $1,542.71 |
| 118 | 2036-07-01 | $46.28 | $30.85 | $15.43 | $1,527.28 |
| 119 | 2036-08-01 | $45.82 | $30.55 | $15.27 | $1,512.01 |
| 120 | 2036-09-01 | $45.36 | $30.24 | $15.12 | $1,496.89 |
| 121 | 2036-10-01 | $44.91 | $29.94 | $14.97 | $1,481.92 |
| 122 | 2036-11-01 | $44.46 | $29.64 | $14.82 | $1,467.10 |
| 123 | 2036-12-01 | $44.01 | $29.34 | $14.67 | $1,452.43 |
| 124 | 2037-01-01 | $43.57 | $29.05 | $14.52 | $1,437.91 |
| 125 | 2037-02-01 | $43.14 | $28.76 | $14.38 | $1,423.53 |
| 126 | 2037-03-01 | $42.71 | $28.47 | $14.24 | $1,409.29 |
| 127 | 2037-04-01 | $42.28 | $28.19 | $14.09 | $1,395.20 |
| 128 | 2037-05-01 | $41.85 | $27.90 | $13.95 | $1,381.25 |
| 129 | 2037-06-01 | $41.44 | $27.63 | $13.81 | $1,367.44 |
| 130 | 2037-07-01 | $41.02 | $27.35 | $13.67 | $1,353.77 |
| 131 | 2037-08-01 | $40.62 | $27.08 | $13.54 | $1,340.23 |
| 132 | 2037-09-01 | $40.20 | $26.80 | $13.40 | $1,326.83 |
| 133 | 2037-10-01 | $39.81 | $26.54 | $13.27 | $1,313.56 |
| 134 | 2037-11-01 | $39.41 | $26.27 | $13.14 | $1,300.42 |
| 135 | 2037-12-01 | $39.01 | $26.01 | $13.00 | $1,287.42 |
| 136 | 2038-01-01 | $38.62 | $25.75 | $12.87 | $1,274.55 |
| 137 | 2038-02-01 | $38.24 | $25.49 | $12.75 | $1,261.80 |
| 138 | 2038-03-01 | $37.86 | $25.24 | $12.62 | $1,249.18 |
| 139 | 2038-04-01 | $37.47 | $24.98 | $12.49 | $1,236.69 |
| 140 | 2038-05-01 | $37.10 | $24.73 | $12.37 | $1,224.32 |
| 141 | 2038-06-01 | $36.73 | $24.49 | $12.24 | $1,212.08 |
| 142 | 2038-07-01 | $36.36 | $24.24 | $12.12 | $1,199.96 |
| 143 | 2038-08-01 | $36.00 | $24.00 | $12.00 | $1,187.96 |
| 144 | 2038-09-01 | $35.64 | $23.76 | $11.88 | $1,176.08 |
| 145 | 2038-10-01 | $35.28 | $23.52 | $11.76 | $1,164.32 |
| 146 | 2038-11-01 | $34.93 | $23.29 | $11.64 | $1,152.68 |
| 147 | 2038-12-01 | $34.58 | $23.05 | $11.53 | $1,141.15 |
| 148 | 2039-01-01 | $34.23 | $22.82 | $11.41 | $1,129.74 |
| 149 | 2039-02-01 | $33.89 | $22.59 | $11.30 | $1,118.44 |
| 150 | 2039-03-01 | $33.55 | $22.37 | $11.18 | $1,107.26 |
| 151 | 2039-04-01 | $33.22 | $22.15 | $11.07 | $1,096.19 |
| 152 | 2039-05-01 | $32.88 | $21.92 | $10.96 | $1,085.23 |
| 153 | 2039-06-01 | $32.55 | $21.70 | $10.85 | $1,074.38 |
| 154 | 2039-07-01 | $32.23 | $21.49 | $10.74 | $1,063.64 |
| 155 | 2039-08-01 | $31.91 | $21.27 | $10.64 | $1,053.00 |
| 156 | 2039-09-01 | $31.59 | $21.06 | $10.53 | $1,042.47 |
| 157 | 2039-10-01 | $31.27 | $20.85 | $10.42 | $1,032.05 |
| 158 | 2039-11-01 | $30.96 | $20.64 | $10.32 | $1,021.73 |
| 159 | 2039-12-01 | $30.65 | $20.43 | $10.22 | $1,011.51 |
| 160 | 2040-01-01 | $30.35 | $20.23 | $10.12 | $1,001.39 |
| 161 | 2040-02-01 | $30.04 | $20.03 | $10.01 | $991.38 |
| 162 | 2040-03-01 | $29.74 | $19.83 | $9.91 | $981.47 |
| 163 | 2040-04-01 | $29.44 | $19.63 | $9.81 | $971.66 |
| 164 | 2040-05-01 | $29.15 | $19.43 | $9.72 | $961.94 |
| 165 | 2040-06-01 | $28.86 | $19.24 | $9.62 | $952.32 |
| 166 | 2040-07-01 | $28.57 | $19.05 | $9.52 | $942.80 |
| 167 | 2040-08-01 | $28.29 | $18.86 | $9.43 | $933.37 |
| 168 | 2040-09-01 | $28.00 | $18.67 | $9.33 | $924.04 |
| 169 | 2040-10-01 | $27.72 | $18.48 | $9.24 | $914.80 |
| 170 | 2040-11-01 | $27.45 | $18.30 | $9.15 | $905.65 |
| 171 | 2040-12-01 | $27.17 | $18.11 | $9.06 | $896.59 |
| 172 | 2041-01-01 | $26.90 | $17.93 | $8.97 | $887.62 |
| 173 | 2041-02-01 | $26.63 | $17.75 | $8.88 | $878.74 |
| 174 | 2041-03-01 | $26.36 | $17.57 | $8.79 | $869.95 |
| 175 | 2041-04-01 | $26.10 | $17.40 | $8.70 | $861.25 |
| 176 | 2041-05-01 | $25.84 | $17.23 | $8.61 | $852.64 |
| 177 | 2041-06-01 | $25.58 | $17.05 | $8.53 | $844.11 |
| 178 | 2041-07-01 | $25.32 | $16.88 | $8.44 | $835.67 |
| 179 | 2041-08-01 | $25.07 | $16.71 | $8.36 | $827.31 |
| 180 | 2041-09-01 | $25.00 | $16.55 | $8.45 | $818.86 |
| 181 | 2041-10-01 | $25.00 | $16.38 | $8.62 | $810.24 |
| 182 | 2041-11-01 | $25.00 | $16.20 | $8.80 | $801.44 |
| 183 | 2041-12-01 | $25.00 | $16.03 | $8.97 | $792.47 |
| 184 | 2042-01-01 | $25.00 | $15.85 | $9.15 | $783.32 |
| 185 | 2042-02-01 | $25.00 | $15.67 | $9.33 | $773.99 |
| 186 | 2042-03-01 | $25.00 | $15.48 | $9.52 | $764.47 |
| 187 | 2042-04-01 | $25.00 | $15.29 | $9.71 | $754.76 |
| 188 | 2042-05-01 | $25.00 | $15.10 | $9.90 | $744.86 |
| 189 | 2042-06-01 | $25.00 | $14.90 | $10.10 | $734.76 |
| 190 | 2042-07-01 | $25.00 | $14.70 | $10.30 | $724.46 |
| 191 | 2042-08-01 | $25.00 | $14.49 | $10.51 | $713.95 |
| 192 | 2042-09-01 | $25.00 | $14.28 | $10.72 | $703.23 |
| 193 | 2042-10-01 | $25.00 | $14.06 | $10.94 | $692.29 |
| 194 | 2042-11-01 | $25.00 | $13.85 | $11.15 | $681.14 |
| 195 | 2042-12-01 | $25.00 | $13.62 | $11.38 | $669.76 |
| 196 | 2043-01-01 | $25.00 | $13.40 | $11.60 | $658.16 |
| 197 | 2043-02-01 | $25.00 | $13.16 | $11.84 | $646.32 |
| 198 | 2043-03-01 | $25.00 | $12.93 | $12.07 | $634.25 |
| 199 | 2043-04-01 | $25.00 | $12.69 | $12.31 | $621.94 |
| 200 | 2043-05-01 | $25.00 | $12.44 | $12.56 | $609.38 |
| 201 | 2043-06-01 | $25.00 | $12.19 | $12.81 | $596.57 |
| 202 | 2043-07-01 | $25.00 | $11.93 | $13.07 | $583.50 |
| 203 | 2043-08-01 | $25.00 | $11.67 | $13.33 | $570.17 |
| 204 | 2043-09-01 | $25.00 | $11.40 | $13.60 | $556.57 |
| 205 | 2043-10-01 | $25.00 | $11.13 | $13.87 | $542.70 |
| 206 | 2043-11-01 | $25.00 | $10.85 | $14.15 | $528.55 |
| 207 | 2043-12-01 | $25.00 | $10.57 | $14.43 | $514.12 |
| 208 | 2044-01-01 | $25.00 | $10.28 | $14.72 | $499.40 |
| 209 | 2044-02-01 | $25.00 | $9.99 | $15.01 | $484.39 |
| 210 | 2044-03-01 | $25.00 | $9.69 | $15.31 | $469.08 |
| 211 | 2044-04-01 | $25.00 | $9.38 | $15.62 | $453.46 |
| 212 | 2044-05-01 | $25.00 | $9.07 | $15.93 | $437.53 |
| 213 | 2044-06-01 | $25.00 | $8.75 | $16.25 | $421.28 |
| 214 | 2044-07-01 | $25.00 | $8.43 | $16.57 | $404.71 |
| 215 | 2044-08-01 | $25.00 | $8.09 | $16.91 | $387.80 |
| 216 | 2044-09-01 | $25.00 | $7.76 | $17.24 | $370.56 |
| 217 | 2044-10-01 | $25.00 | $7.41 | $17.59 | $352.97 |
| 218 | 2044-11-01 | $25.00 | $7.06 | $17.94 | $335.03 |
| 219 | 2044-12-01 | $25.00 | $6.70 | $18.30 | $316.73 |
| 220 | 2045-01-01 | $25.00 | $6.33 | $18.67 | $298.06 |
| 221 | 2045-02-01 | $25.00 | $5.96 | $19.04 | $279.02 |
| 222 | 2045-03-01 | $25.00 | $5.58 | $19.42 | $259.60 |
| 223 | 2045-04-01 | $25.00 | $5.19 | $19.81 | $239.79 |
| 224 | 2045-05-01 | $25.00 | $4.80 | $20.20 | $219.59 |
| 225 | 2045-06-01 | $25.00 | $4.39 | $20.61 | $198.98 |
| 226 | 2045-07-01 | $25.00 | $3.98 | $21.02 | $177.96 |
| 227 | 2045-08-01 | $25.00 | $3.56 | $21.44 | $156.52 |
| 228 | 2045-09-01 | $25.00 | $3.13 | $21.87 | $134.65 |
| 229 | 2045-10-01 | $25.00 | $2.69 | $22.31 | $112.34 |
| 230 | 2045-11-01 | $25.00 | $2.25 | $22.75 | $89.59 |
| 231 | 2045-12-01 | $25.00 | $1.79 | $23.21 | $66.38 |
| 232 | 2046-01-01 | $25.00 | $1.33 | $23.67 | $42.71 |
| 233 | 2046-02-01 | $25.00 | $0.85 | $24.15 | $18.56 |
| 234 | 2046-03-01 | $18.93 | $0.37 | $18.56 | $0.00 |
What this page tells you
Most card calculators ask for a payment. The harder question is the one the statement poses: what happens if the minimum is all that ever gets paid. The minimum is not a fixed number — it falls every month as the balance falls — so the answer cannot be reached by dividing a balance by a payment, and it is not something a summary paragraph can produce for a specific balance and rate. This page runs the issuer's rule month by month and shows every row of it.
The default rule is the common one: the larger of $25.00 and this month's interest plus 1% of the balance. Under it, $5,000.00 at 24.000% APR takes 234 payments to clear and costs $8,886.94 in interest. A flat $150.00 a month — the same amount as the very first minimum payment — clears the same balance in 56 payments and $3,322.17. That gap, 178 months and $5,564.77 on identical starting numbers, is the whole argument of the page.
The floor and the percentage differ by issuer, and both are editable above the calculator. Floors of $25 to $40 and percentages of 1% to 2% are all in use, and some issuers fold fees and past-due amounts into the figure as well. The rule printed on an actual statement is the one worth entering; the defaults here are a starting point, not a claim about any particular card.
How to read the result
Money above the minimum is directed by law, not by the issuer. Anything paid above the required minimum has to go to the balance carrying the highest rate first. This page models one balance at one rate, so the rule changes none of these rows — but on a card holding a promotional balance alongside a purchase balance it decides everything, and a single-rate schedule will not describe it.
The minimum payment shrinks because it is a percentage of the balance, and that is the entire reason minimum-only payoff takes as long as it does. At 24.000% APR with a 1% principal component, each month's minimum is 3% of whatever is owed — 2% interest and 1% principal — so the balance falls by 1% and the next month's minimum is 1% smaller than the last. On the $5,000.00 example below the first minimum is $150.00; by the sixtieth payment it is $82.90, and $2,735.76 is still owed.
The floor is what ends the schedule. One percent of a shrinking balance is a shrinking amount, and the percentage part on its own would approach zero without ever arriving. The $25.00 floor takes over when 0.03 × balance falls to $25.00, which is a balance of $833.33 — month 180 on the example — and from there flat $25.00 payments clear the rest. Lower the floor and the schedule gets longer, not shorter.
Total interest is the sum of the interest column, and in minimum-only mode there is no formula to check it against. The closed form for a number of payments assumes the payment never changes, and here it changes every month, so the schedule is not merely the better answer — it is the only one. The payoff date is the date of the last row, not an extrapolation from the first.
A flat payment and a minimum payment of the same size are different things from month two onward. Both schedules below start identically: $150.00 paid, $100.00 of interest, $50.00 off the balance. In month two the fixed payment is still $150.00 and puts $51.00 against the balance, while the minimum has already dropped to $148.50 and puts $49.50. That $1.50 is what 178 months and $5,564.77 are made of.
A payment at or below the first month's interest never clears the card. On $5,000.00 at 24.000% that interest is $100.00, so $100.00 leaves the balance exactly where it started and anything under it makes the balance grow. In that case the page says so, names $100.01 as the smallest payment that reduces the balance, and prints no payoff date.
The formula
- minₖ
- the minimum due in month k
- F
- the issuer's floor — commonly $25
- p
- the percentage of the balance the issuer adds to the interest — commonly 1%
- bₖ₋₁
- the balance before this month's interest
- iₖ
- the interest charged in month k, rounded half-up to the cent
The minimum falls as the balance falls, which is what makes minimum-only repayment take so long. Once the floor binds, the payment stops shrinking and the balance finally starts moving.
Issuers differ. Both the floor and the percentage are editable above, because the rule on your statement is the one that matters.
The rounding rule, the final-payment adjustment and the published test vectors are all on the methodology page.
A worked example
A worked example: paying off a $5,000 credit card at 24%
Take a $5,000.00 balance at 24.000% APR with the default minimum rule — the larger of $25.00 and this month's interest plus 1% of the balance. The monthly rate is 24 ÷ 100 ÷ 12 = 0.02. Month one accrues 5,000.00 × 0.02 = $100.00 of interest, 1% of $5,000.00 is $50.00, and the minimum is the larger of $25.00 and $150.00, so $150.00 is due and $50.00 of it reduces the balance to $4,950.00. Month two accrues $99.00 and takes 1% of $4,950.00 = $49.50, a minimum of $148.50, leaving $4,900.50. Month three accrues $98.01, takes $49.01, and leaves $4,851.49.
That pattern holds for fifteen years. After sixty payments the minimum has fallen to $82.90 and the balance is $2,735.76: five years of paying have cleared $2,264.24 of principal and handed over $4,528.42 in interest. The floor binds once 0.03 × balance reaches $25.00, at a balance of $833.33. Month 179 ends at $827.31 and month 180 is the first payment of exactly $25.00; fifty-three more follow. Month 233 leaves $18.56, month 234 accrues $0.37, and the last payment is $18.93. The schedule is 234 rows long, the interest column sums to $8,886.94, and clearing $5,000.00 has cost $13,886.94.
Now pay a flat $150.00 a month instead, which is exactly what the first minimum asked for. The card clears on the fifty-sixth payment, on a final payment of $72.17, with $3,322.17 of interest — 178 months and $5,564.77 less than the minimum. In the month the flat payment finishes, the minimum-only schedule still shows $2,847.98 outstanding and has another 178 payments to go. The whole difference comes from holding the payment still while the balance falls.
To clear the same balance in 24 months, the payment comes from the standard amortization formula. Raising 1.02 to the power of −24 gives 0.6217214879, so the denominator is 1 − 0.6217214879 = 0.3782785121. The numerator is 5,000 × 0.02 = 100.00. Dividing gives $264.355486, which rounds up to a scheduled payment of $264.36. Twenty-three of those and a final payment of $264.20 cost $1,344.48 in interest. Multiplying the payment by 24 and subtracting the balance would say $1,344.64; the 16-cent difference sits in that smaller final payment, and the schedule is the one that is right.
- Minimum rule
- the larger of $25.00 and interest + 1% of balance
- First minimum payment
- $150.00
- Payments on minimums alone
- 234
- Total interest on minimums alone
- $8,886.94
- Final payment
- $18.93
- First payment at the $25.00 floor
- month 180
- Payoff date (from 1 October 2026)
- 1 March 2046
- At a flat $150.00 a month
- 56 payments, $3,322.17 interest, cleared 1 May 2031
- Saved by the flat $150.00
- 178 months and $5,564.77
- To clear it in 24 months
- $264.36 a month, $1,344.48 interest
Every figure here is derived from the formula above and checked to the cent against vector V12 in the published test vectors — not read back off this page.
What this does not model
- Unlike an instalment loan, a card has no paid-ahead trap: a payment must be credited on the day it is received, so money above the minimum does reduce the balance. Interest is charged once a month here and cards compound daily; on the worked example that is worth about $98 over nineteen years.
- Interest is simple interest on the outstanding balance, charged once a month. Card issuers in practice accrue daily on an average balance and compound, so a statement will differ from this schedule by a small amount that grows with the balance.
- Promotional 0% rates, deferred interest and cash-advance rates are not modelled. One APR applies to the whole balance for the whole schedule, and a card carrying a promotional balance and a purchase balance at different rates is two schedules rather than one.
- New purchases, annual fees, late fees and over-limit charges are not modelled. The balance only ever goes down, which is the optimistic case.
- The minimum rule here is a common one, not a universal one. Both the floor and the percentage are editable above, and some issuers add fees and past-due amounts to the minimum in a way no single rule captures.
- Nothing typed here is transmitted. The calculation runs in the browser, nothing is saved between visits, and the only thing that ever leaves is the link chosen for copying.
When to use a different page
One loan or several, fixed payment or revolving — that is the real question behind this family of calculators, and it decides which page answers yours.
Debt payoff planner
Two cards and a car loan is a different calculation, not a bigger one. The planner takes a single monthly budget across several balances, orders them, pays each minimum, sends what is left to one target, and rolls a cleared balance's payment into the next.
Debt payoff
The same planner reached from the general question — a mix of balances of any kind rather than a card. Start there when the cards are only part of what is owed.
Debt avalanche
Ordering by rate rather than by balance, which is where the ordering actually earns something: a 24% card and a 12% card repaid in the wrong order cost real money, while two cards a point apart barely differ.
Loan payoff
A fixed-payment loan with a term, where the payment does not move and the schedule is settled at the outset. A card has no term, which is why this page asks for a payment rule instead.
Questions people ask
How does a credit card payoff calculator work?
It builds the card's schedule one month at a time. Each month it charges interest on the balance, works out what is due — a payment entered here, or the issuer's minimum rule — puts the difference against the principal, and repeats until the balance is zero. The number of payments is the row count and the total interest is the sum of the interest column.
What happens if I only pay the minimum on a credit card?
On $5,000.00 at 24.000% APR with a minimum of interest plus 1% of the balance and a $25.00 floor, it takes 234 payments — nineteen and a half years — and $8,886.94 in interest, so the $5,000.00 costs $13,886.94 to clear. The reason is that the minimum falls as the balance falls, so the amount actually reducing the balance shrinks every month.
How is the minimum payment on a credit card calculated?
The usual rule is the larger of a flat floor and a percentage component: this month's interest plus 1% of the balance, with a floor around $25 to $40. Issuers differ, and some add fees and any past-due amount on top. Both the floor and the percentage are editable above, and the figures printed on a statement are the ones to enter.
Why does my credit card minimum payment go down each month?
Because it is calculated from the balance rather than fixed at the outset. At 24.000% APR with a 1% principal component the minimum is 3% of whatever is owed, so as the balance falls by 1% a month the payment falls with it — from $150.00 in month one to $82.90 by month sixty on the example above. Keeping the payment at its opening figure instead is what turns 234 payments into 56.
How much do I need to pay to clear my credit card in two years?
Switch to the target-months mode and enter 24. On $5,000.00 at 24.000% APR the answer is $264.36 a month, for $1,344.48 in interest. The page then runs the schedule at that payment so the final payment — $264.20 here — is the real one rather than a rounded repeat of the others.
Does this calculator store my card balance?
No. Everything is computed in the browser, nothing is sent anywhere, and nothing is kept between visits. The Copy link button writes the inputs into the address bar so a scenario can be bookmarked or shared; that link holds numbers and nothing else.