Using the Credit Card Payoff Calculator
Enter the information for your credit card in the boxes indicated. If you aren't sure what a given box is asking for, just click on the box title for more information.
The calculator will show you how fast you can pay down your credit card using the new payments vs. the old ones. For your convenience, it will also provide you with a visual display of alternative payoff scenarios showing the monthly payments required to pay your debt off a few years sooner or later than the time you selected.
This calculator is designed to help you determine a payoff plan for a single credit card. For multiple cards, use our Roll Down Your Credit Card Debt Calculator, which can work out a single payoff plan for up to 10 credit cards; just click on the link in the calculator's name.
Credit Card Pay Off Calculator Overview
Paying off your credit cards is a major step toward getting your finances under control. For many consumers, credit card debt is the #1 burden on their monthly budget and their chief obstacle to financial freedom.
Credit card debt can spin out of control for a number of reasons. First, credit cards make it easy to spend. Second, they can make it hard to keep track of just how much you're spending – people often don't realize just how quickly seemingly "small" purchases can pile up. Third, they often underestimate just how difficult it will be to repay a large purchase or balance. Fourth, because credit cards typically carry high interest rates – often in the upper teens – they don't realize how much those interest payments will add to their debt each month. And finally, borrowers can get sucked in by the lure of low minimum payments, which can disguise how much debt they're actually getting into.
The solution to credit card debt is to gradually pay it off. But how gradually? How much of a monthly payment is needed to make significant progress? You want to pay it down as quickly as you can, but paying too much each month can strain your finances, putting you in a situation where you suddenly have to fall back on your credit cards again and rack up a fresh pile of debt before you gain control of the situation again.
This Credit Card Payoff Calculator can help. It will calculate how much you need to pay each month to pay off any credit card within a given length of time, and will compare that to your current monthly payments.
Part of the challenge of paying off a credit card is that you often need to use it for new expenses while you're paying it off. This calculator lets you take those additional expenses into account, either as regular monthly spending or as individual large expenditures you expect to make.