Updated Debt Payoff Tool

Credit Card Payoff Calculator

See how long it will take to pay off your credit card, how much interest you’ll pay, and what payment you need to become debt free faster.

Payoff Time Total Interest Goal-Based Planning Minimum Payment Projection

All-in-One Credit Card Payoff Calculator

Switch between payoff by payment, payoff by goal date, and minimum payment projection.

Payment must be higher than the monthly interest to reduce your balance.

Each month, payment is the greater of % of balance or this minimum amount.

Credit Card Payoff Calculator – Become Debt Free Faster

This Credit Card Payoff Calculator shows how long it will take to pay off your balance, how much interest you’ll pay, and what payment you need to hit a specific payoff goal. It also demonstrates how expensive it can be to pay only the minimum each month.

Three Modes in One Tool

  • Payoff by Monthly Payment: Enter your balance, APR, and what you can pay each month to see how long it will take to become debt free.
  • Payoff by Goal Months: Start with a target payoff timeframe and calculate the monthly payment you need to reach that goal.
  • Minimum Payment Projection: See how long it could take to pay off your card if you only make the minimum payment and how much interest you’ll pay over time.

How Interest on Credit Cards Works

Most credit cards use a variable APR applied to your average daily balance. When you carry a balance from month to month, interest is charged on the remaining amount. Paying more than the minimum reduces the balance faster and cuts down on total interest.

Key Formulas Used

For payoff by goal months, this calculator uses the standard amortization formula:

Payment = P × [ r(1 + r)n ÷ ((1 + r)n − 1) ]

Where:

  • P = Current balance
  • r = Monthly interest rate (APR ÷ 12)
  • n = Number of months until payoff

For minimum payment projections, the calculator simulates each month by:

  • Calculating interest on the current balance
  • Applying the greater of percentage-based minimum or minimum floor
  • Reducing the balance by the principal portion of the payment

How to Use This Credit Card Payoff Calculator

  • Use the Payoff by Monthly Payment tab to see how many months your current payment will take.
  • Use the Payoff by Goal Months tab when you have a target payoff date and want to know what payment is required.
  • Use the Minimum Payment Projection tab to understand why paying only the minimum keeps you in debt for years.

Try testing different payment amounts and payoff goals to build a realistic, aggressive plan to clear your credit card balance and reduce interest costs.

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