Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card debt and how much interest you'll pay. Compare different payment strategies and find the best payoff plan.
Calculator
Enter your information to calculate results
Credit Card Debt Tips
• Pay more than the minimum to save on interest
• Consider balance transfers to lower-rate cards
• Stop using the card while paying it off
• Make payments before the due date
Minimum Payment Comparison
Minimum payment: $0.00/month
Time to pay off: 0 months
Total interest: $0.00
Interest savings: $0.00
How It Works
How Credit Card Payoff Calculations Work
Credit card payoff calculations use compound interest formulas to determine how long it takes to pay off debt.
Monthly Interest Calculation
- • Annual rate ÷ 12 = Monthly rate
- • Balance × Monthly rate = Interest charge
- • Payment - Interest = Principal payment
- • New balance = Old balance - Principal
Payoff Strategies
- • Pay more than minimum to reduce interest
- • Higher payments = shorter payoff time
- • Avalanche method: Pay highest rate first
- • Snowball method: Pay smallest balance first
Key Factors
Balance
Current amount owed on the card
Interest Rate
Annual Percentage Rate (APR)
Payment Amount
Monthly payment toward the balance
Examples
Credit Card Payoff Examples
Minimum Payment Scenario
Balance: $5,000 at 18.99% APR
Minimum payment: $100/month
Time to pay off: 94 months
Total interest: $4,311
Total paid: $9,311
Aggressive Payment
Same balance, $300/month payment
Time to pay off: 19 months
Total interest: $742
Interest savings: $3,569
Total paid: $5,742
Balance Transfer
Transfer to 0% APR for 12 months
Payment needed: $417/month
Total interest: $0 (if paid in 12 months)
Transfer fee: ~$150 (3%)
Total paid: $5,150
Debt Consolidation
Personal loan at 12% APR
Same $300/month payment
Time to pay off: 18 months
Total interest: $456
Interest savings: $286
Compare
Debt Payoff Strategies Comparison
| Strategy | Interest Savings | Motivation | Best For |
|---|---|---|---|
| Minimum Payments | Lowest | Low | Cash flow issues |
| Debt Avalanche | Highest | Medium | Math-focused people |
| Debt Snowball | Medium | High | Need quick wins |
| Balance Transfer | Very High | High | Good credit score |
Debt Avalanche Method
- • Pay minimums on all cards
- • Put extra money toward highest rate card
- • Mathematically optimal approach
- • Saves the most money in interest
Debt Snowball Method
- • Pay minimums on all cards
- • Put extra money toward smallest balance
- • Provides psychological wins
- • Builds momentum and motivation
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