Credit Card Payoff Calculator
Calculate payoff time and monthly payments to eliminate credit card debt
Calculate Your Payoff Strategy
Your current outstanding balance
Annual percentage rate on your credit card
Amount you can pay each month (min: $25.00)
Interest charged each month on current balance
Payoff Results
Enter your credit card balance, APR, and payment amount to calculate your payoff strategy
Credit Card Payoff Strategies
💰 Pay More Than Minimum
Even an extra $25-50 per month can significantly reduce your payoff time and save hundreds in interest charges.
🎯 Debt Avalanche Method
Pay minimums on all cards, then put extra money toward the card with the highest interest rate first.
⛄ Debt Snowball Method
Pay minimums on all cards, then put extra money toward the card with the smallest balance first for psychological wins.
🔄 Balance Transfer
Transfer high-interest debt to a card with a 0% introductory APR to save on interest during the promotional period.
Quick Payoff Tips
Stop Using the Card
Don't add new charges while paying off existing debt
Automate Payments
Set up automatic payments to never miss a due date
Use Windfalls
Apply tax refunds, bonuses, or extra income to debt
Track Progress
Monitor your balance monthly to stay motivated
Debt Consolidation Options
Personal Loan
Fixed rate and payment, often lower than credit card APR
Balance Transfer Card
0% intro APR period to pay down debt interest-free
Debt Management Plan
Work with credit counselor for structured payoff plan
How Credit Card Payoff Works
Payoff Calculation Formula
Our calculator uses the standard amortization formula to determine how long it takes to pay off credit card debt.
For Payoff Time:
n = -log(1 - (r × balance / payment)) / log(1 + r)
For Required Payment:
P = (r × balance) / (1 - (1 + r)^-n)
Key Factors
- ✓Interest Rate (APR): Higher rates mean more interest and longer payoff times
- ✓Monthly Payment: Higher payments dramatically reduce payoff time
- ✓Current Balance: Starting debt amount affects total interest paid
- ✓Minimum Payment: Usually 2-3% of balance, but barely covers interest
Why This Matters
Important: Making only minimum payments can keep you in debt for decades. Even small increases in payment amount can save thousands in interest.
Stop Adding Debt
Don't use the card for new purchases while paying off
Pay More Than Minimum
Every extra dollar goes directly to principal
Stay Consistent
Automate payments and track your progress