Credit card payoff calculator
The minimum payment is designed to keep the debt alive for years. With a $5,000 balance at 25% and a 3% minimum, it takes over a decade and you pay more in interest than you owed. This calculator shows it with your numbers and tells you what to pay to finish when you decide.
Paying only the minimum
- Total interest
- $10,061
- Total paid
- $15,061
The minimum shrinks as the balance shrinks, which is why it takes so long: most of each payment is interest.
Paying a fixed amount · $250
- Total interest
- $1,535
- Total paid
- $6,535
- Saved vs. the minimum
- $8,526
To pay it off in 2 years
Save this calculation and follow your plan
In the Boosteate app your cards, loans and banks connect on their own: you will see the real APR, the minimum payment and a plan to get out of debt with your numbers, not examples.
Join the waitlistHow it is calculated
Each month interest is added (balance × APR ÷ 12) and the payment is subtracted. With the minimum, the payment is a percentage of the balance (or a dollar floor), so it shrinks as the balance shrinks and the process drags on. If the payment does not even cover interest, the balance never goes down.
A fixed payment keeps the same amount every month, so a growing share goes to principal. The payment needed to pay off in N months uses the same formula as an N‑month loan.
Frequently asked questions
How is a card’s minimum payment calculated?
It depends on the issuer: usually the greater of a floor ($25–$35) and 1%–3% of the balance plus that month’s interest and fees. Check your statement and adjust it above.
Does paying the minimum hurt my score?
Paying the minimum on time avoids delinquency, but keeping the balance high raises your credit utilization, the second most important factor. Under 30% of the limit helps; under 10%, more.
What if I have several cards?
Pay the minimum on all of them and put the extra on the highest APR (avalanche) or the smallest balance (snowball, more motivating). In the Boosteate app you can compare both strategies with your real cards.
These calculators are educational estimates based on the numbers you enter; they are not a credit offer nor financial, legal or tax advice. Reference rates are reviewed yearly.