How long a balance takes to clear, and what it costs in interest.
Time to pay off
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Total interest
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Total paid
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First month's interest
Balance over time
A simplified simulation at a fixed APR and payment rule. Real cards can change rates, add fees or promotional periods — check your actual statement.
How this works
Monthly interest = Balance × APR ÷ 12
Minimum-only payment = greater of (% of balance) or (floor amount), recalculated every month as the balance falls
Paying only the minimum keeps the payment shrinking as the balance falls, which is exactly why it takes so long — a $5,000 balance at 22% APR with 2%/$25 minimums can take well over a decade.
A fixed payment that never drops clears the same balance far faster, because it does not shrink alongside the balance.
Interest is charged on the balance before that month's payment is applied, so paying earlier in the cycle (or more than once a month) reduces it slightly.
Currency
Amounts follow the currency selected above.
Why does the minimum payment trap take so long?
Because the minimum is usually a percentage of the current balance, the payment shrinks every month as the balance falls — so does the amount going toward principal. A fixed payment that does not shrink clears the balance far faster for the same starting numbers.
What monthly payment should I choose?
Any fixed amount above your monthly interest charge will eventually clear the balance; the higher it is above that, the faster and cheaper it finishes. This calculator errors out if a fixed payment is too low to ever cover the interest.
Does this include fees or promotional 0% periods?
No — it assumes one constant APR from day one. A promotional rate that later jumps, or late fees, will change the real numbers; use the lower rate while it lasts and re-run this once it ends.