Credit Card Payoff Calculator

$
The total debt balance you have currently in your credit card or cards. Get total if more than once.
$
Can you add some more payment monthly to finish off the debt earlier? Leave 0 if you pay only minimum.
$
Please check the due payment of the bank and write here. If you dont know you can try a fraction of balance.
%
This is the interest rate of your banks applied for over due accounts. To calculate APR check the APR calculator.

Credit Card Payoff

This calculator takes the total debt amount and the minimum due payment and calculates the total months and total payments for given interest rate. You will also see the payment schedule and interest paid monthly. Interest rate here should be APR which includes more complex method. If your bank gives base rate you can calculate it with APR calculator.

Cleaning Your Credit Card Debt

After you see the payment schedule for minimum payments, if you can afford, you can consider adding more payments and pay off even earlier. 💰 💰 💰 Add your Additional Payment and see how it affects your payment schedule. Also if you want to see a quick glimpse of other payment options you can check our Credit Card Payment Calculator. There you can see a table of different approaches to your debt, like what if you paid 10% more or even 20%. Is it too fast to pay off it will suggest you numbers with less payments monthly.

Example Interest Calculations

Lets imagine a simple example of 10000$ debt with 5% interest rate. Assuming minimum payment is %10 and it will be 1000$ monthly. This gives us a payment schedule where we pay 1000$ for 10 months and 234.97$ at 11th month. Total interest payment approximately 236$ and we are debt free in 11 months. For really high debts with low monthly payments may be it is nearly impossible to pay off. In these situations you might consider getting a professional help, applying for a low interest rate loan or negotiating with your bank...