About this tool
Credit Card Payoff & Minimum Payment Calculator is a free, in-browser tool that simulates paying off a card balance two ways: with the issuer's minimum payment (a percentage of the balance with a fixed floor) and with a fixed monthly amount of your choosing.
Each month the simulation adds interest at APR ÷ 12, then applies the payment. Because the percentage-based minimum shrinks as the balance falls, minimum-only payoff drags on for years — the side-by-side tiles show exactly how many months and how much interest each path costs, and what the fixed payment saves.
Use it to see the real price of the minimum-payment trap on a typical card, and to pick a fixed payment that clears the debt on your timeline. Everything is simulated locally in your browser.
Frequently asked questions
How is the minimum payment calculated each month?
It is the larger of the floor amount and the percentage of the current balance (min = max(floor, % × balance)), matching how most issuers set minimums. As the balance falls, the percentage part shrinks until the floor takes over.
Why does minimum-only take so long to pay off?
Because the payment shrinks along with the balance, most of each payment early on is interest. The floor is what eventually finishes the debt — without it, a pure percentage minimum would approach zero and never pay off.
What does the 'never pays off' error mean?
If the minimum (or your fixed payment) does not exceed the monthly interest, the balance grows instead of shrinking. The simulation caps at 100 years and reports the payment as insufficient rather than showing infinite months.
What interest convention is used?
Interest compounds monthly at APR ÷ 12 on the running balance, a close model of daily-accrual card interest. All simulation happens in your browser; balances are never uploaded.
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