About this tool
Credit Card Payoff & Minimum Payment Calculator is a free, in-browser tool that simulates paying off a card balance two ways: with the issuer's minimum payment (a percentage of the balance with a fixed floor) and with a fixed monthly amount of your choosing.
Each month the simulation adds interest at APR ÷ 12, then applies the payment. Because the percentage-based minimum shrinks as the balance falls, minimum-only payoff drags on for years — the side-by-side tiles show exactly how many months and how much interest each path costs, and what the fixed payment saves.
Use it to see the real price of the minimum-payment trap on a typical card, and to pick a fixed payment that clears the debt on your timeline. Everything is simulated locally in your browser.
Frequently asked questions
How is the minimum payment calculated each month?
It is the larger of the floor amount and the percentage of the current balance (min = max(floor, % × balance)), matching how most issuers set minimums. As the balance falls, the percentage part shrinks until the floor takes over.
Why does minimum-only take so long to pay off?
Because the payment shrinks along with the balance, most of each payment early on is interest. The floor is what eventually finishes the debt — without it, a pure percentage minimum would approach zero and never pay off.
Which assumptions affect the estimate?
The target is not reached within the modeled horizon. This does not mean it can never be reached. (1,200 Months) Fixed interest rate, equal monthly periods, no fees or penalties. Enter the interest rate, not APR with fees. Calculations keep full precision; displayed amounts are rounded. Actual lender schedules may differ.
What interest convention is used?
Interest compounds monthly at APR ÷ 12 on the running balance, a close model of daily-accrual card interest. All simulation happens in your browser; balances are never uploaded.
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