Credit Card Payoff Calculator
See how extra payments accelerate your debt-free date
Your debt will grow over time with minimum payments alone. Increase your payment amount to make progress.
Credit Card Details
Minimum $25 floor applies (whichever is greater)
Amount paid above the minimum each month
Payoff Comparison
Minimum Payments Only
With $0 Extra/Month
Monthly Breakdown
Key Insights
The Minimum Payment Trap
Paying only the minimum keeps you in debt for decades. With a typical 2% minimum payment, most of your payment goes to interest, not principal. A $5,000 balance can cost you over $12,000 in total when paying only the minimum.
Double Your Payment
Doubling your minimum payment dramatically accelerates your payoff. The extra money goes directly to principal, creating a snowball effect that reduces future interest charges and can cut your payoff time by more than half.
Balance Transfer
Transferring your balance to a 0% APR promotional card can eliminate interest for 12-21 months. This means every dollar you pay goes to principal. Just watch for transfer fees and pay off the balance before the promo rate expires.
Frequently Asked Questions
Important Disclaimer
Financial Planning Tool: This credit card payoff calculator is for educational and planning purposes only. It provides estimates based on simplified assumptions and should not be considered professional financial advice.
Individual Circumstances: Your actual payoff timeline may vary based on changes in interest rates, minimum payment requirements, fees, or additional charges. Always verify calculations with your actual credit card statements.
Professional Advice: Consult with a qualified financial advisor or credit counselor for personalized guidance, especially if you are struggling with credit card debt or considering debt management options.
No Guarantee: Warren AI provides this tool "as is" without warranty. We are not responsible for any financial decisions made based on these calculations. Always verify with your card issuer before making financial decisions.
Ready to Crush Your Credit Card Debt?
Let Warren AI help you build a personalized debt elimination plan and track your progress to financial freedom