Credit Card Calculator
Find out when you'll pay off your credit card debt and how much interest you'll pay. Calculate minimum vs accelerated payment strategies.
Monthly Payment
$410.33
for 60 months
Loan Amount
$20,000.00
Total Interest
$4,619.84
Total Cost
$24,619.84
Interest %
18.8%
About the Credit Card Calculator
Credit card debt is one of the most expensive forms of borrowing, with average APRs of 20–25% in the USA. Our credit card payoff calculator shows you exactly when you'll be debt-free and the staggering total interest cost under different payment strategies. The difference between paying the minimum and paying a fixed higher amount can mean tens of thousands of dollars and years of your financial life.
How It Works
Credit cards calculate interest daily: Daily Rate = APR ÷ 365. Each day, interest = balance × daily rate is added to what you owe. When you make a payment, it first covers accrued interest, then reduces principal. Minimum payments are typically 1–2% of the balance or $25, whichever is higher. Because minimums decrease as the balance decreases, you end up paying far more interest than you would with a fixed payment.
Tips & Best Practices
- ✓Paying only the minimum on $5,000 at 20% APR takes over 27 years and costs $9,000+ in interest.
- ✓The avalanche method (highest rate first) saves the most interest mathematically.
- ✓The snowball method (smallest balance first) provides psychological momentum for many people.
- ✓Balance transfer cards offering 0% intro APR for 15–21 months can save hundreds in interest.
- ✓A credit utilization rate below 30% protects your credit score while you pay down debt.
Who Uses This Calculator
Anyone carrying a credit card balance should run their numbers through this calculator immediately — the results are almost always shocking and highly motivating. Use it alongside our debt payoff calculator to model a complete debt elimination timeline across all your accounts.
Optimised for: USA · Canada · UK · Australia · Calculations run in your browser · No data stored
Frequently Asked Questions
How long to pay off credit card making minimum payments?
On a $5,000 balance at 20% APR making minimum payments, it can take over 15 years and cost $7,000+ in interest.