NumberTally Credit Card Payoff Calculator
See exactly how long your balance takes to pay off — with minimum payments or a fixed amount — plus total interest, payoff date, and the eye-opening difference between the two.
With a $25 floor (typical card terms).
The minimum-payment trap
Card issuers typically ask for about 2% of the balance each month, with a $25 floor. That sounds manageable — and that’s the point. On a $5,000 balance at 20% APR, the first minimum is only $100, but $83 of it is interest. Because the minimum shrinks as the balance shrinks, the tail of the payoff stretches for decades: you can pay more in interest than you ever borrowed. The comparison box above puts the two paths side by side so the cost of "just the minimum" is impossible to miss.
How a fixed payment bends the curve
A fixed payment does the opposite: as the balance falls, the interest slice of your payment shrinks, so more of every payment attacks principal. The payoff accelerates — slowly at first, then fast. Even rounding your payment up to the next $50 can shave months off. The balance chart above shows the difference: the minimum-payment curve flattens into a long tail, while a fixed payment dives toward zero.
Frequently Asked Questions
How is the minimum payment calculated?
Most cards charge the greater of a percentage of the statement balance (often 1–2%) or a floor like $25. This calculator uses your percentage with a $25 floor, matching typical US card terms.
Why does the minimum take so much longer?
Because the payment shrinks with the balance. Late in the payoff you’re paying $25 a month on a ~$1,400 balance — barely covering interest. A fixed payment keeps the pressure on all the way down.
Does paying more than the minimum hurt my credit?
No — the opposite. Paying down the balance lowers your credit utilization, which helps your score. Only missing the minimum (or paying late) hurts.
Should I keep using the card while paying it off?
New purchases add to the balance this calculator is paying down, so the payoff takes longer. If you can, pause new charges until the balance is gone — then pay in full each month.
Is the interest really charged monthly?
Yes — the APR divided by 12 is applied to the balance each month (in reality most cards use a daily periodic rate, which works out nearly the same over a month).