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Credit Card Payoff Calculator

When you'll be debt-free and what it costs, versus paying only the minimum. Find the payment for a target date.

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Your card
$
% per year

Cards quote a monthly rate too: 3% a month is 36% APR.

I want to
$
Minimum payment rule (for the comparison)
%
$
Debt-free in
2 years 7 months
paying $250.00 a month
Interest you'll pay
$2,750
Total paid
$7,750
Interest per day
$4.93
at today's balance
Minimum-only would cost
$6,553
over 11 years 5 months
Pay a bit more

Add $63 a month and you are done 8 months sooner, saving $841 in interest.

The minimum-payment trap

Paying only the minimum (5% of the balance) takes 11 years 5 months and costs $6,553 in interest, 2.4× your plan.A balance transfer or personal loan at a lower rate can cut this sharply; compare on the loan calculator.

Balance month by monthyour plan vs minimum payments
Your planMinimum onlyHover for details
8 mo1.3 yr1.9 yr2.6 yr
Compare scenariosSave this one, change a number, save again

How credit card interest works

Cards charge interest every month on whatever you have not paid, at the APR divided by 12 (many Indian cards quote 3–3.5% a month, which is 36–42% a year). Interest is added to the balance, so next month you pay interest on the interest. A fixed monthly payment first covers that month's interest and only the rest reduces the balance, which is why the first payments barely move the number.

Why the minimum payment is a trap

The minimum due is usually 5% of the balance with a floor of a few hundred rupees or dollars. Because it shrinks as the balance shrinks, it stretches repayment over many years and the interest paid can exceed what you borrowed. The comparison above uses the same rule; change it to match your card's terms.

Fixed payment or fixed date

Enter what you can pay each month to see when you are done and what it costs, or switch to a target number of months to see the payment that gets you there. Even a small increase saves a surprising amount because every extra rupee goes straight to the balance.

Cheaper ways out

A balance transfer to a card with a 0% introductory period, or a personal loan at 12–18%, can cut interest by more than half compared with a card at 36%. Use the loan calculator to compare the total interest for the same monthly payment.

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