- Pay off $1,000
- Pay off $2,000
- Pay off $3,000
- Pay off $5,000
- Pay off $7,500
- Pay off $10,000
- Pay off $15,000
- Pay off $20,000
- Pay off $25,000
- Pay off $30,000
Worked example
A $5,000 credit card balance at 22% APR paid at $200 a month is cleared in 34 months with about $1,750 in interest. Paying only a typical minimum (3% of the balance, at least $25) takes about 17 years and costs about $7,000 in interest.
Avalanche or snowball
With several debts, the avalanche method pays the highest-APR balance first and costs the least interest. The snowball method pays the smallest balance first, which some people find easier to stick with. Either way, keep paying the minimum on every account.
Frequently asked questions
Why does a minimum payment take so long?
Most of a small payment goes to interest, so the balance falls slowly.
Why does my statement show a different payoff time?
Card issuers must show a minimum-payment payoff estimate on statements; it assumes no new purchases, and so does this calculator.
Should I use a balance transfer?
A 0% transfer can help if you can clear the balance before the promo ends; include the transfer fee, usually 3 to 5%.