How long would it take to pay off a $10,000 credit card balance if you only paid the minimum?

It would take more than 19 years to pay off a $10,000 credit card balance if you only paid the minimum, assuming an interest rate of 22% and a minimum payment of 3% of the balance. The exact amount of time depends on how much your issuer’s required minimum payment is and what your credit card’s interest rate is.

For example, with an interest rate of 22% (average for existing credit card accounts) and minimum payments of 3% of the balance (or $35, whichever is greater), it would take 19 years and 10 months, and cost you $14,868 in interest. But if that monthly payment increased to 4%, it would take much less time, 12 years and 2 months, to pay off the full balance. That would cost you $8,160 in interest.

If you’d like to get a more precise estimate for your own credit card, you can follow the steps below.

How to Calculate Your Credit Card Payoff Date with Minimum Payments

1. Go to WalletHub’s credit card minimum payment calculator.
2. Input your card’s balance, interest rate, minimum payment percentage and minimum dollar amount for payments.
3. Click the blue “Calculate” button.
4. Look at the results to see the time until payoff, how much interest you’ll pay, and a graph showing the payoff progress over time.

You can also look at your monthly credit card statement to see exactly how long it will take to pay off your balance with only minimum payments. Credit card issuers are required by law to disclose this.

Regardless of the timeline, though, it’s best to put as much toward paying your balance as you can each month. With a balance as big as $10,000, you’ll wind up paying a mountain of interest if you make only minimum payments.