Credit Card Payoff Calculator
Credit Card Payoff
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Minimum Payment Impact
See what happens if you only pay the minimum
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Formula
Months = -ln(1 - Br/P) / ln(1+r) | Minimum = max(Balance × min%, $25)
Frequently Asked Questions
Why is paying the minimum so expensive?
At 22% APR on $5,000, the minimum payment (~$100) mostly goes to interest. It would take 30+ years and cost $10,000+ in interest. Paying $200/month instead cuts it to ~2.5 years and ~$1,200 in interest.
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