Interpretation
Paying more changes both time and cost.
A higher fixed payment reduces principal sooner, leaving less balance on which future interest can accrue.
Credit card calculator
Credit Card Payoff Calculator
Estimate how long one credit card balance could take to repay with a fixed monthly payment. Add a fixed extra amount to compare time and interest.
Interest saved—
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ComparisonFixed payments
Base scenario
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Accelerated scenario
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How the model works
Each month it adds balance × APR ÷ 12, applies the fixed payment and repeats until the balance reaches zero or 1,200 months.
Use the statement terms
Minimum-payment formulas vary.
This calculator deliberately asks for a fixed payment instead of pretending every issuer uses the same minimum formula.
Source
More than the minimum generally reduces interest.
The US Consumer Financial Protection Bureau explains that paying more each month reduces interest over time and that minimum-only repayment can take years.
Consumer Financial Protection Bureau — Credit card repayment disclosure