Debt · 2026 rules
Credit Card Payoff Calculator
How long your balance takes to clear and what the interest costs, comparing minimum payments against a fixed amount month by month.
The short answer
The card
The purchase rate on your statement. Cash advances are usually higher.
How you pay
The same amount every month, regardless of the balance.
Time to clear the balance
$1,967.73
2 years and 5 months , and the figure above is the interest you pay along the way, on top of the $6,500.00 you borrowed.
Minimum payments versus a fixed amount
Same balance, same rate. The only difference is whether the payment shrinks with the balance.
| Plan | Time to clear | Interest paid | Total paid |
|---|---|---|---|
| Minimum only | 21 years and 6 months | $11,316.04 | $17,816.04 |
| $300.00 every month | 2 years and 5 months | $1,967.73 | $8,467.73 |
Holding the payment at $300.00 instead of letting it fall saves $9,348.31 and clears the card 19 years and 1 month sooner.
The balance coming down
Every month, interest is charged first and only what is left goes against the balance.
Hover the chart to read any month.
Starting balance
Interest paid
23.2% of everything you pay
Total paid
Show the mathMonth by month, for the first two years
Interest is charged on the balance each month at one twelfth of the APR, then your payment is applied.
monthly rate = 22.9% ÷ 12 = 1.9083% month 1 interest = $6,500.00 × 0.019083 = $124.04 month 1 principal = payment − interest
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $300.00 | $124.04 | $175.96 | $6,324.04 |
| 2 | $300.00 | $120.68 | $179.32 | $6,144.73 |
| 3 | $300.00 | $117.26 | $182.74 | $5,961.99 |
| 4 | $300.00 | $113.77 | $186.23 | $5,775.76 |
| 5 | $300.00 | $110.22 | $189.78 | $5,585.98 |
| 6 | $300.00 | $106.60 | $193.40 | $5,392.58 |
| 7 | $300.00 | $102.91 | $197.09 | $5,195.49 |
| 8 | $300.00 | $99.15 | $200.85 | $4,994.64 |
| 9 | $300.00 | $95.31 | $204.69 | $4,789.95 |
| 10 | $300.00 | $91.41 | $208.59 | $4,581.36 |
| 11 | $300.00 | $87.43 | $212.57 | $4,368.79 |
| 12 | $300.00 | $83.37 | $216.63 | $4,152.16 |
| 13 | $300.00 | $79.24 | $220.76 | $3,931.40 |
| 14 | $300.00 | $75.02 | $224.98 | $3,706.42 |
| 15 | $300.00 | $70.73 | $229.27 | $3,477.15 |
| 16 | $300.00 | $66.36 | $233.64 | $3,243.51 |
| 17 | $300.00 | $61.90 | $238.10 | $3,005.40 |
| 18 | $300.00 | $57.35 | $242.65 | $2,762.76 |
| 19 | $300.00 | $52.72 | $247.28 | $2,515.48 |
| 20 | $300.00 | $48.00 | $252.00 | $2,263.48 |
| 21 | $300.00 | $43.19 | $256.81 | $2,006.68 |
| 22 | $300.00 | $38.29 | $261.71 | $1,744.97 |
| 23 | $300.00 | $33.30 | $266.70 | $1,478.27 |
| 24 | $300.00 | $28.21 | $271.79 | $1,206.48 |
Showing the first 24 of 29 months.
Where this is a simplification
Questions
What people ask
Why do minimum payments take so long?
Because the minimum is calculated from the balance, so it shrinks as the balance does. Interest is charged first and what is left over goes against the debt. Early on that leftover is small, and it gets smaller every month you make progress.
Is it better to pay the highest rate first or the smallest balance first?
Paying the highest rate first (the avalanche) always costs less interest. Paying the smallest balance first (the snowball) clears individual cards sooner, which some people find easier to stick with. The cheapest plan is only cheaper if you actually follow it.
Should I move the balance to a 0% card?
It usually helps, but check the transfer fee, typically 3% to 5% of the balance, and whether you can clear the debt before the promotional rate ends. Run this calculator at 0% for the promo months, then at the go-to rate for the remainder.
Why is my real interest slightly higher than this shows?
Issuers compound daily on the average daily balance; this calculator compounds monthly. Over a long payoff the difference is real but small, usually a percent or two of the total interest.
Keep going
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Canada tax figures for 2026, last reviewed August 1, 2026. Every rate used here is listed with its source on the official rates page.