Credit Card Payoff Calculator
See how long a card balance really takes to clear, what the minimum payment costs you, and what a balance transfer saves.
Your details
Balance transfer
This calculator runs entirely on your device. Nothing you enter is uploaded, stored, or sold. How this works
Time to pay off
2 yrs 11 mo
$2,999 of interest — 40% of what you borrowed
Includes your inputs, the full breakdown, and every row of the table.
Total interest
$2,999
Total paid
$10,499
Monthly payment
$300.00
Interest per month now
$149.94
At today's balance
- Starting balance
- $7,500
- APR
- 23.99%
- Months to clear
- 35
- Interest paid
- $2,999
- Total paid
- $10,499
- Balance transfer fee (3.0%)
- $225.00
- Cost with a balance transfer
- $452
- Balance transfer saves
- $2,547
| Month | Payment | Interest | Balance |
|---|---|---|---|
| 1 | $300.00 | $149.94 | $7,349.94 |
| 2 | $300.00 | $146.94 | $7,196.88 |
| 3 | $300.00 | $143.88 | $7,040.75 |
| 4 | $300.00 | $140.76 | $6,881.51 |
| 5 | $300.00 | $137.57 | $6,719.08 |
| 6 | $300.00 | $134.33 | $6,553.41 |
| 7 | $300.00 | $131.01 | $6,384.42 |
| 8 | $300.00 | $127.64 | $6,212.06 |
| 9 | $300.00 | $124.19 | $6,036.25 |
| 10 | $300.00 | $120.67 | $5,856.92 |
| 11 | $300.00 | $117.09 | $5,674.01 |
| 12 | $300.00 | $113.43 | $5,487.44 |
What this means
- Every dollar above the minimum goes straight at the principal, which is why small increases shorten the payoff so dramatically.
- A 0% balance transfer would save roughly $2,547 here, after the $225.00 fee — provided you keep paying $300.00 a month and do not add new purchases.
- Credit card interest usually compounds daily. Monthly compounding is used here, which understates the true cost very slightly.
How the credit card payoff calculation works
Credit card debt is the most expensive borrowing most households ever do. At 24% APR, a balance left alone grows by roughly 2% every month — which is why minimum payments can stretch a few thousand dollars across a decade or more.
Switch the mode to 'minimum payment only' and look at the total. Because the minimum is typically 1–3% of the balance, it shrinks as the balance does, extending the payoff almost indefinitely. It is not an accident; it is the product design.
The balance transfer comparison is worth taking seriously, but only under conditions. A 0% promotional offer with a 3% fee is a genuine bargain if you clear the balance before the promotional period ends. If you do not, the remaining balance reverts to a standard rate and you have paid a fee for nothing.
One behaviour matters more than any calculation here: stop using the card while paying it down. New purchases on a card carrying a balance typically start accruing interest immediately, because the grace period only applies when the statement balance is paid in full.
Frequently asked questions
Why is my payoff so much longer than I expected?
Because interest is charged on the whole remaining balance every month. Early on, a large share of each payment covers interest rather than reducing the principal.
Is a balance transfer worth the fee?
Usually yes if you can clear most of the balance during the 0% window. A 3% fee is about six weeks of interest at 24%, so the breakeven arrives quickly.
Should I close the card once it is paid off?
Generally no. Closing it reduces your available credit and can lower your score by raising utilisation. Cut it up if you need to, but leave the account open.
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Disclaimer. This calculator is provided for general information and educational purposes only and does not constitute financial, tax, legal, medical, or engineering advice. Results are estimates based on the inputs you provide and the assumptions described above. Confirm any figure with a qualified professional before acting on it.