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How long until you're debt-free?
See what your minimum payment is actually costing you — and how a small bump changes everything. No signup. Just the math, on your real numbers.
Your card
Current balance$5,000
Interest rate (APR)21.0%
Minimum payment (typical issuer formula)$138
What if you paid…$150/mo
$13 more than the minimum.
Two ways to pay it off
Paying minimums
19y 0m
$7,708 in interest paid
Paying $150/mo flat
4y 3m
$2,570 in interest paid
You save
$5,138
…and 14 years, 9 months of your life back.
Balance over time
Minimum payments
$150/mo flat
!
Why such a huge difference?
Minimum payments are calculated as a percentage of your balance — usually 1% plus interest. As you pay down, the minimum drops, and most of every payment goes to interest. A flat payment breaks the cycle: every extra dollar attacks principal, and the payoff date races toward you.
Got more than one card?
Canopy tracks all your debts together.
Connect your accounts and Canopy pulls your real balances, rates, and minimums automatically. Pick avalanche or snowball, watch your payoff date update as you pay, and see how every transaction moves the timeline.
Try Canopy free →Common questions
How is the minimum payment calculated?+
This calculator uses the formula most major US issuers actually use: 1% of your balance plus the month's interest, with a $25 floor. That's the rule of thumb for Chase, Citi, Bank of America, Capital One, and Discover — and it's the formula the CFPB references in its Schumer Box payoff disclosures. Your card's terms may differ slightly (some issuers use 2–3% of balance), so for the most accurate read, grab your most recent statement and match the math.
Why does paying just a little more save so much?+
The minimum payment is designed to keep you in debt. Because it shrinks as your balance shrinks, you're always paying mostly interest. When you pay a flat amount, every dollar above the interest cost attacks the balance directly — and the effect compounds. Even an extra $25–$50/month often cuts a 10+ year timeline in half.
Does this account for new charges I make on the card?+
No — this calculator assumes you stop using the card while paying it off. New charges restart the interest cycle on those dollars. If you're trying to pay off a card while still using it, the math gets a lot worse fast. Canopy's full debt tracker watches your real card activity and adjusts the payoff date as you go.
What's the difference between APR and APY?+
APR (Annual Percentage Rate) is the yearly interest rate before compounding. APY (Annual Percentage Yield) factors in how often interest compounds. Credit cards typically quote APR, but interest compounds daily, so your effective rate is a bit higher than the sticker. For most cards, the difference is small (maybe 0.3–0.5%), so this calculator uses APR as a reasonable approximation.