Finance & Property · Introduction
Credit Card Payoff Calculator
Compare minimum and fixed payments, payoff time and total interest.
Updated 2026-10-25 · ThinkVault Tools
What can this tool help you do?
Compare minimum and fixed payments, payoff time and total interest.
Check the purpose and assumptions, then open the tool. Return to the guide for details.
Purpose and inputs
Purpose and inputs
Compare minimum-only and fixed payments, payoff months, total interest and time saved.
Method and assumptions
Monthly interest = opening balance×APR/1200. After interest, minimum payment = max(50,statement balance×minimum rate), capped at the full amount due; compare with a fixed payment. No new spending, fees or penalty rates are added. Simulation stops at 1,200 months or when payment fails to cover interest; no fictional payoff date is supplied.
Method
Monthly interest = opening balance×APR/1200. After interest, minimum payment = max(50,statement balance×minimum rate), capped at the full amount due; compare with a fixed payment. No new spending, fees or penalty rates are added. Simulation stops at 1,200 months or when payment fails to cover interest; no fictional payoff date is supplied.
Before you begin
Tax, lending, holiday and protection rules vary by place and date. Check current local rules and provider terms. Results are estimates.