Credit Card Payoff Calculator
Payoff Time: 29 months
|
||||||||||||||||||||||||||||||||||||||||||||
| Minimum Payment | Fixed Payment | Difference | |
| Monthly Payment | $100 | $200 | +$100 |
| Payoff Time | Never* | 29 months | 29 months saved |
| Total Interest | $∞ | $756 | $∞ saved |
| Total Payments | $∞ | $5,756 | $∞ saved |
| Payment Breakdown | First Payment | Last Payment | Average |
| Principal | $121 | $197 | $172 |
| Interest | $79 | $3 | $26 |
| Interest Rate | 18.99% APR (1.58% monthly) | ||
| *Minimum payment may not cover interest charges, leading to negative amortization | |||
Payoff Analysis
Payment Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $200 | $121 | $79 | $4,879 |
| 6 | $200 | $135 | $65 | $4,234 |
| 12 | $200 | $152 | $48 | $3,456 |
| 18 | $200 | $171 | $29 | $2,234 |
| 24 | $200 | $183 | $17 | $892 |
| 29 | $197 | $194 | $3 | $0 |
Payment Strategy Comparison
| Strategy | Monthly Payment | Payoff Time | Total Interest |
|---|---|---|---|
| Minimum Only | $100 | Never* | $∞ |
| Minimum + $50 | $150 | 48 months | $2,156 |
| Fixed $200 | $200 | 29 months | $756 |
| Fixed $300 | $300 | 19 months | $456 |
| Pay off in 12 months | $456 | 12 months | $234 |
Recommendation
⚠ Minimum Payment Warning
Paying only the minimum ($100) will never pay off this debt! The minimum payment doesn't cover the monthly interest charges. Consider paying at least $200/month to pay off the debt in 29 months and save thousands in interest.
Paying only the minimum ($100) will never pay off this debt! The minimum payment doesn't cover the monthly interest charges. Consider paying at least $200/month to pay off the debt in 29 months and save thousands in interest.
Note: This calculation assumes no new purchases are made on the card. Making new purchases will extend the payoff time and increase total interest paid.