Credit Card Payoff Calculator: Minimum vs. Fixed Payment
See how long a card balance could take to pay off, and how much interest it could cost, if you pay only the minimum versus a fixed amount each month. Everything runs in your browser; the numbers you type are never sent anywhere.
Compare two payoff plans
Enter your balance, your card’s APR and the amount you could pay each month. The tool assumes no new purchases and no fees. All fields are required except the minimum-payment settings, which start with common example values.
How this is calculated
Each month the tool adds interest, subtracts your payment, and repeats until the balance reaches zero. All amounts are handled in whole cents.
- Monthly interest =
balance × APR ÷ 12, rounded to the cent. Next month’s balance =balance + interest − payment. - Minimum plan: payment =
the larger of the dollar floor, or (percent × balance) + that month's interest, never more than you owe. It shrinks as the balance falls. - Fixed plan: the same payment each month; the last payment is whatever remains.
- If a payment is not larger than the first month’s interest, the balance does not fall, and the tool says so instead of showing a payoff. Payoffs longer than 100 years are not shown.
- Savings = minimum-plan result minus fixed-plan result. The difference in total paid equals the interest saved.
Estimates for education only, not a statement from your card issuer, a guarantee, or personalized financial advice. Results depend on your card’s actual terms.
How to read your results
The comparison table shows, for each plan, the first payment, how long payoff could take, the total interest and the total you would pay. The summary underneath shows the estimated difference between the two plans. A fixed payment that is larger than the minimum usually ends the debt sooner and costs less in interest, because more of each payment reduces the balance instead of paying for time.
Why the minimum plan can take so long
Under the minimum plan, the required payment shrinks as the balance shrinks, so progress slows. Under a fixed plan, the payment stays the same while the interest portion gets smaller each month, so more of each payment goes to the balance. Try raising the fixed payment by $25 or $50 and watch the payoff time and interest change.
If the tool says the balance will not be paid off
That means the payment you entered does not cover the interest added each month, or the payoff would take more than 100 years. Enter a larger payment. The first month’s interest is roughly your balance times your APR divided by 12.
Assumptions and limits you should know
- Real minimum-payment rules vary by card. The percentage and floor in this tool are example values you can change.
- Many issuers charge interest daily on your average daily balance, so the monthly approximation here can differ slightly from your statement. The Consumer Financial Protection Bureau explains daily interest on its interest page.
- New purchases, late fees, annual fees, balance-transfer fees, cash advances, penalty rates, promotional rates and APR changes are not modeled.
- If you pay more than the minimum but less than the full balance, the issuer generally must apply the extra amount to the balance with the highest rate first, according to the CFPB’s APR page. This tool assumes a single balance at one APR.
- Your statement and cardholder agreement control. If payments feel unmanageable, a nonprofit credit counselor can help you review options.
Frequently asked questions
How does this credit card payoff calculator work?
It simulates month-by-month payments using your balance, APR and payment, then adds up the interest and total paid for the minimum plan and the fixed plan. The formulas are listed under “How this is calculated” above.
What is a minimum payment on a credit card?
It is the smallest amount your card issuer asks you to pay by the due date to keep the account in good standing. How it is set varies by issuer, often as a percentage of the balance plus interest, or a flat floor, whichever is larger. Your statement shows your actual minimum.
Why is my result different from my statement?
Issuers often calculate interest daily, may use different minimum rules, and may add fees or change your APR. This tool uses a simpler monthly model so you can compare strategies, not predict your exact statement.
What happens if my fixed payment is lower than the minimum?
The tool still runs the numbers but shows a warning, because your card may require at least the minimum payment. Check your statement before choosing a payment.
Does this calculator save or send my numbers?
No. The calculation runs in your browser on this page. The values you enter are not sent to our servers or to anyone else.
Should I use a balance transfer or consolidation loan instead?
That depends on fees, the new rate and how long you take to pay. This tool does not model either option. Our guides on balance transfer cards and debt consolidation loans explain the trade-offs.
Sources
- Consumer Financial Protection Bureau: What is interest? (daily interest and average daily balance)
- Consumer Financial Protection Bureau: What is APR? (daily periodic rate, how payments above the minimum are applied)
Last reviewed October 25, 2026. Calculator logic tested on that date against an independent decimal implementation.