Credit Card Payoff Calculator

Find out when you’ll be debt-free, how much interest you’ll pay, and how much longer paying only the minimum would take.

Card balance

Interest rate

The purchase rate on your statement

Monthly payment

This month’s minimum: $152.62

More options

Your card’s minimum payment

At least $10, unless the balance is less

Debt-free in

2 years 10 months

Paying $200 a month on $5,000 at 20.99%

Total interest: $1,632
Paying only the minimum: 21 years 5 months

Balance$5,000
Interest$1,632

What this means

Paying only the minimum would take 21 years 5 months. Everything you pay above the minimum goes straight off the balance, which is why paying more clears it so much faster.

Card interest is usually the most expensive debt you can have, so it’s worth clearing before saving beyond an emergency fund.

Next step

Your plan against the minimum

	Your plan	Minimum only
First payment	$200.00	$152.62
Time to clear	2 years 10 months	21 years 5 months
Total interest	$1,632	$6,434
Total paid	$6,632	$11,434

Paying $200 a month saves $4,802 in interest against the minimum.

To be debt-free sooner

Clear it in	Pay a month	Interest
1 year	$465.54	$586
2 years	$256.90	$1,166
3 years	$188.35	$1,781
5 years	$135.24	$3,114

Balance transfer offers are often 0% for 9 to 12 months, for a fee of 1% to 3%.

Assumptions in this estimate

Interest is added monthly at one-twelfth of the yearly rate. Card providers usually work it out daily, so your statements may differ slightly.
Assumes you don’t spend anything new on the card, the rate stays the same, and there are no fees or late charges.
The minimum payment is 3% of the balance, or $10 if that’s more, so it falls as the balance falls.
Minimum payments are usually 2.5% to 3% of the balance, or $10 if that’s more. In Quebec, the law sets the minimum at 5% of the balance.
Standard credit cards from the big banks usually charge 20.99% on purchases. Low-rate cards charge about 12% to 14%.

Spotted a mistake? Tell us

How the calculator works

Your plan: each month, interest is added and your payment comes off, until the balance is cleared.
Paying only the minimum: worked out with your card’s minimum payment formula, which you can change under More options.
To be debt-free sooner: the monthly payment that would clear the balance in 1, 2, 3 or 5 years.

Paying more makes a big difference

$5,000 at 20.99%:

Monthly payment	Time to clear	Total interest
Minimum only, 3%	21 years 5 months	$6,434
$200	2 years 10 months	$1,632
$400	1 year 3 months	$692

Standard credit cards from the big banks usually charge 20.99% on purchases.

Tips to clear it faster

Stop using the card while you pay it off.
Pay more than the minimum, even a little.
With more than one card, pay the minimum on each and put anything extra on the one with the highest rate.

Last updated October 14, 2026

Frequently asked questions

How long will it take to pay off $5,000 on a credit card?

At 20.99%, paying $200 a month clears it in 2 years 10 months, with $1,632 of interest. Paying only a 3% minimum (at least $10) would take 21 years 5 months and cost $6,434 in interest.

How much should I pay to clear it in 3 years?

On $5,000 at 20.99%, $188.35 a month. To clear it in 2 years, $256.90 a month.

What is the minimum payment in Quebec?

Quebec law sets the minimum monthly payment at 5% of the balance. Choose 5% under More options to see how long that takes.

Is a balance transfer worth it?

Balance transfer offers are often 0% for 9 to 12 months, for a fee of 1% to 3%. That’s usually much cheaper than 20.99% interest, as long as you don’t add new spending.