Credit Card Payoff Accelerator
See exactly how much interest you'll save by paying a little extra each month — and your exact payoff date vs. minimum-only payments.
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Enter your current or planned payment
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How much extra you'd add on top
| Current Payment | With Extra Payment | |
|---|---|---|
| Monthly Payment | — | — |
| Months to Pay Off | — | — |
| Payoff Date | — | — |
| Total Interest Paid | — | — |
| Total Paid | — | — |
Interest Saved
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By paying extra
Months Saved
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Faster payoff
Disclaimer: These results are estimates for informational and educational purposes only. They do not constitute financial, investment, or tax advice. Payoff timelines may differ from your actual card terms. Full disclaimer →
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Frequently Asked Questions
How does the credit card interest calculation work?
Credit card interest compounds monthly based on your APR. Each month, interest is calculated on your remaining balance (APR ÷ 12 × balance), added to what you owe, then your payment is subtracted. This calculator simulates that month-by-month to give you an accurate payoff timeline and total interest paid.
What is a minimum payment and why is it dangerous?
A minimum payment is the smallest amount your card requires each month — often 1–2% of your balance or a flat minimum like $25. The problem: at high APRs (20%+), most of your minimum payment covers interest, not principal. A $5,000 balance at 22% APR on minimum payments could take 15+ years to pay off and cost over $7,000 in interest.
How much extra should I pay each month?
Even an extra $25–50/month can save hundreds or thousands in interest. Try different amounts in this calculator. The sweet spot is usually as much as you can consistently afford — getting aggressive for a few months before burning out is less effective than steady extra payments.
Should I pay off credit cards before investing?
Generally yes — if your credit card APR is higher than your expected investment return (the stock market averages ~7–10% historically), paying off the card is mathematically better. A 22% APR card is a guaranteed 22% "return" when you pay it off, which beats most investments. Exception: always capture any employer 401(k) match first — that's an instant 50–100% return.