Credit card payoff calculator
See how long it takes to pay off a card and how much interest you pay, compared with paying only the minimum.
How the calculation works
Each month the calculator adds a month of interest to the balance and subtracts your payment, until the balance reaches zero. The minimum payment comparison recalculates the minimum every month from the remaining balance.
Why minimum payments take so long
The minimum falls as the balance falls, so the payment never gets ahead of the interest by much. A fixed payment keeps the same amount working on the balance every month.
Make it real
Spendry keeps the plan going: add your cards, set what you can pay each month and get a reminder before every due date.
More guides
How to pay off credit card debt faster
Practical steps to pay off credit card debt faster: pay more than the minimum, aim extra money at the highest rate, never pay late and stop new balances.
What happens if you only pay the minimum
Paying only the minimum keeps your card in good standing, but most of it goes to interest. See how long it really takes and how a small extra payment helps.
Debt snowball vs. avalanche: which one should you use?
The snowball pays the smallest balance first, the avalanche the highest rate. See how they differ, which saves more interest and how to follow either one.