Months Until Debt-Free
Total Interest Paid
Total Amount Paid
Free Credit Card Payoff Calculator – Get Debt-Free Smarter
Having a credit card balance is stressful, particularly when interest adds up every month. The good news is, you won't have to estimate how long it will take to pay it off — our Credit Card Payoff Calculator puts you in the know instantly.
Using this calculator, you'll be able to:
- Determine exactly how many months you'll need to pay off your balance
- How much interest you'll pay in total
- The quickest way to become debt-free
Why Use a Credit Card Payoff Calculator?
Credit card issuers tend to benefit from having consumers pay the minimum every month. This can turn payments into decades and have you paying thousands in interest.
Our Credit Card Payoff Calculator assists you in:
- Planning achievable repayment objectives
- Witnessing how extra payments payoff your debt quicker
- Paying less unnecessary interest
- Keeping yourself motivated by monitoring your progress
How the Calculator Works
- Enter Your Balance → What you owe right now.
- Annual Interest Rate (%) → Your APR on your card (see your statement).
- Monthly Payment → The monthly amount you intend to pay.
- Press Calculate and you'll get:
- Months until debt-free
- Total interest paid
- Total repayment amount (principal + interest)
If your monthly payment is so low it won't cover the balance (just paying interest), the calculator will warn you.
Example Calculation
- Balance: $5,000
- APR: 18%
- Monthly Payment: $200
You'll be debt-free in 32 months, pay $1,329 in interest, and your total repayment will be $6,329.
If you raise your payment to $300/month, you'll save $579 in interest and be debt-free 10 months sooner.
Tips to Pay Off Credit Card Debt Faster
- Pay more than the minimum – Even an extra $50/month can save hundreds in interest.
- Attempt the snowball or avalanche approach – Pay off debts either by smallest balance (snowball) or highest interest (avalanche).
- Refrain from new spending on the card – Prevent your balance from increasing as you pay it off.
- Balance transfers – An introductory 0% APR offer can let you pay off debt interest-free.
- Automate payments – Never miss a due date, avoid late fees, and stay consistent.
Try the Calculator Now
Use the Credit Card Payoff Calculator to begin planning your debt-free future today.
Looking for other tools to help you manage your money? Explore our full suite of free Financial Calculators.
Frequently Asked Questions (FAQs)
- How long will it take to pay off my credit card?
It depends on your balance, interest rate, and monthly payment. Use the calculator to discover instantly. - What is the quickest way to eliminate credit card debt?
Pay more than the minimum, prioritize high-interest balances first, and don't make new purchases. - Can this calculator calculate for more than one credit card?
Yes — simply input each balance individually to display individual payoff periods. - Why doesn't my payment lower the balance?
If your payment is smaller than the monthly interest, your balance will not decrease. Make your payment higher. - Do I pay off credit cards or save first?
Typically, pay off high-interest debt first before investing, as interest compounds more quickly than the majority of savings returns.
Disclaimer: This calculator is for educational purposes only and should not be considered financial advice. Please consult a financial advisor before making decisions.
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