Free Credit Card Payoff Calculator — The Minimum Payment Trap

Last updated: July 14, 2026

MoneyMath's credit card payoff calculator shows how long a fixed monthly payment takes to clear a balance, then compares it with the minimum-payment path — where declining payments can stretch payoff to decades and multiply the interest cost.

Free to useRuns in your browserSource-backed assumptions

Estimate how many months a fixed monthly payment takes to clear a credit card balance and what it costs in interest.

Compare your payment with a minimum-payment-only path, where the payment shrinks as the balance falls and payoff can take decades.

Get a warning when your payment does not cover the monthly interest, which means the balance grows instead of shrinking.

How to use this calculator

Step 1Enter your starting information. Add the core inputs requested by the Credit Card Payoff Calculator, such as amounts, dates, rates, income, weight, or other scenario details.
Step 2Review the calculated result. Read the headline answer first, then scan the supporting breakdown, chart, or comparison table.
Step 3Compare another scenario. Change one input at a time to understand what drives the result and which option is most realistic.

Formula, Sources & Assumptions

Formula

Payoff simulates monthly interest at APR/12 on the remaining balance; the minimum-payment path recalculates the payment each month as the greater of interest plus 1% of the balance or $25.

Assumptions

Assumes no new purchases, fees, or APR changes while you pay down the balance.
The minimum payment formula (interest plus 1% of the balance, $25 floor) is a common issuer approach; check your card agreement for the exact terms.
Results are planning estimates, not a payoff quote from your card issuer.

Sources

Consumer Financial Protection BureauCredit card minimum payment and cost-of-credit guidance.

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