Credit card payoff calculator
Pay only the minimum on a $5,000 balance at 22% APR and it takes about 19 years 2 months. It also costs $8,100 in interest. A fixed $200 a month clears it in 2 years 10 months with $1,750 of interest.
Fixed $200/month: 34 payments, $1,750 interest.
Minimum only (starts at $142): 19 years 2 months, $8,100 interest. Paying the fixed amount saves $6,350.
To be debt-free in 3 years, pay $190.95/month.
How the payoff is calculated
Each month the card charges interest of about balance × APR ÷ 12. Your payment covers that interest first. Only the rest lowers the balance.
Many issuers set the minimum at 1% of the balance plus that month's interest, with a floor around $25. Others use a flat 2%–3% of the balance. Your statement shows your issuer's exact formula. It also has the minimum-payment warning box required by the CARD Act. That box shows the payment that clears the balance in three years.
- First month's interest: $5,000 × 22% ÷ 12 = $91.67.
- Minimum payment: 1% of $5,000 ($50.00) + $91.67 interest = $141.67. Only $50.00 reduces the balance.
- With a fixed $200: $108.33 goes to principal in month one, and that share grows every month.
- Repeat month by month until the balance hits zero: 34 payments with a fixed amount versus 230 paying the minimum.
Real cards charge interest on the average daily balance. So results can differ by a few dollars. This calculator assumes no new purchases or fees.
Payment needed to be debt-free on time ($5,000 at 22%)
| Goal | Monthly payment | Total interest |
|---|---|---|
| 12 months | $467.97 | $616 |
| 24 months | $259.39 | $1,225 |
| 36 months | $190.95 | $1,874 |
| 48 months | $157.53 | $2,561 |
| 60 months | $138.09 | $3,286 |
Why the APR matters so much
The Federal Reserve's G.19 release shows credit card plans averaging about 21% APR across all accounts. On accounts that were charged interest, the average was about 22% in 2026. Here's the same $5,000 paid at $200 a month at different rates:
| APR | Months | Interest |
|---|---|---|
| 0% | 25 | $0 |
| 15% | 31 | $1,033 |
| 18% | 32 | $1,314 |
| 22% | 34 | $1,750 |
| 25% | 36 | $2,137 |
| 29.99% | 40 | $2,943 |
Look at the gap between the top row and the bottom row. That gap is why a 0% balance transfer or a lower-rate consolidation loan can cut payoff time. It only works if you stop adding to the card.
Payoff plans by balance
Frequently asked questions
How long does it take to pay off a credit card with minimum payments?
Often many years. With a 1%-plus-interest minimum, $5,000 at 22% takes about 19 years 2 months. The reason is simple. The minimum shrinks as the balance shrinks.
Is it better to pay a fixed amount than the minimum?
Yes. With a fixed payment, more of each payment goes to principal over time. $200 a month on $5,000 saves about $6,350 in interest compared with the minimum.
What happens if my payment doesn't cover the interest?
Then the balance never goes down. At 22% APR the interest on $5,000 is about $91.67 a month. Any payment below that keeps you in debt with no end date.
Should I pay off the highest APR card first?
Pay the minimum on every card. Put extra money on the highest-APR card. That's the avalanche method, and it costs the least interest. The snowball method pays the smallest balance first. It costs a bit more, but some people find it easier to stick with.
Does this include new purchases?
No. The calculator assumes you stop using the card. New charges stretch the payoff time. For ongoing spending, use a card you pay in full.
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Updated: October 2, 2026 · Sources and methodology