How many months it takes to pay off a credit card balance and how much interest you pay. Results update as you type.
Each month, interest is charged on the balance at the APR divided by twelve. Your payment covers that interest first, and the rest reduces the balance. The simulation repeats until the balance reaches zero.
Results are estimates for education only and are not financial advice.
Most of a minimum payment goes to interest, so very little reduces the balance. Raising the payment even a little shortens the payoff a lot, because more of each payment reaches the principal.
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