Credit Card Payoff Calculator
See how long it takes to pay off your credit card balance and how much you can save by paying more than the minimum.
$
22%
5%30%
2%
1%5%
$
How much you plan to pay each month
Interest Saved
$33,034
by paying more than the minimum
Minimum Payments Only
Time to Payoff
50 yr
Total Interest
$34,784
With $200/mo Payment
Time to Payoff
2 yr 10 mo
Total Interest
$1,750
Balance Over Time
Frequently Asked Questions
Why are minimum payments so expensive?
Minimum payments are typically 1-3% of your balance. At that rate, most of your payment goes to interest, and it can take 15-30 years to pay off a balance. Paying even a little more each month saves thousands.
How is credit card interest calculated?
Credit card interest is typically calculated daily using your average daily balance. The APR is divided by 365 to get the daily rate, then applied to your balance each day and compounded.
Should I pay off my credit card or save?
Generally, pay off high-interest credit card debt first. If your card charges 20% APR and your savings earns 5%, you're losing 15% by saving instead of paying off debt. Keep a small emergency fund, then attack the debt.
Track all your credit cards in one place with Wealthi
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