Credit Card Payoff
See the minimum-payment trap in dollars, then what a fixed payment saves you.
The minimum scenario assumes 2% of balance (min $25), recalculated each month as the balance falls.
| x | Balance ($250/mo fixed) |
|---|---|
| Yr 0.1 | $5,860 |
| Yr 0.2 | $5,717 |
| Yr 0.3 | $5,572 |
| Yr 0.3 | $5,424 |
| Yr 0.4 | $5,274 |
| Yr 0.5 | $5,121 |
| Yr 0.6 | $4,964 |
| Yr 0.7 | $4,805 |
| Yr 0.8 | $4,644 |
| Yr 0.8 | $4,479 |
| Yr 0.9 | $4,311 |
| Yr 1.0 | $4,140 |
| Yr 1.1 | $3,966 |
| Yr 1.2 | $3,788 |
| Yr 1.3 | $3,608 |
| Yr 1.3 | $3,424 |
| Yr 1.4 | $3,237 |
| Yr 1.5 | $3,046 |
| Yr 1.6 | $2,852 |
| Yr 1.7 | $2,654 |
| Yr 1.8 | $2,453 |
| Yr 1.8 | $2,248 |
| Yr 1.9 | $2,039 |
| Yr 2.0 | $1,826 |
| Yr 2.1 | $1,610 |
| Yr 2.2 | $1,389 |
| Yr 2.3 | $1,165 |
| Yr 2.3 | $936 |
| Yr 2.4 | $703 |
| Yr 2.5 | $466 |
| Yr 2.6 | $225 |
| Yr 2.7 | $0 |
How to use this calculator
- Enter your balance and APRFrom your latest statement.
- Enter a fixed monthly paymentA steady amount instead of the shrinking minimum.
- Compare the two payoff pathsSee the years and interest the minimum-payment trap costs you.
Credit card minimum payments are engineered to keep you paying for as long as possible, because the minimum shrinks as the balance falls. Paying a fixed amount each month instead is the single most powerful lever you control.
◆ Frequently Asked Questions
Why do minimum payments keep me in debt so long?
How does paying a fixed amount help?
What is APR and how does it affect my payoff?
Should I consider a balance transfer?
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