Credit Card Payoff Calculator
How long a balance takes to clear, and what the interest costs.
How it works
Card interest compounds monthly on the balance outstanding, so the payment size and the payoff time are related non-linearly. Paying a little more than the minimum shortens the term dramatically; paying exactly the minimum can extend it past a decade.
The minimum-payment comparison is the number worth looking at. On a typical balance at typical rates, the minimum path often costs more in interest than the original purchase.
Common questions
Why does the minimum payment take so long?
Because it is a percentage of the balance, so it falls as the balance falls. The payment shrinks alongside the debt, stretching the tail out for years.