Credit Card Payoff Calculator

With the help of our credit card payoff calculator, you can determine your monthly credit card payments and estimate your credit card payoff time. If you're wondering how to pay off your credit card debt faster, our credit card payoff calculator will give you a clear plan to follow!

Keep reading to learn:

• Some helpful strategies you can use to pay off your credit card debt;
• How to consolidate your credit card loans; and
• How long it will take you to pay off your credit card.

If you also happen to have another loan—for instance, secured by your house—go straight to our mortgage calculator.

Paying off credit card debt starts with making more than the minimum payment whenever possible. Focus on strategies like the debt snowball method (paying off the smallest balance first) or the debt avalanche method (paying off the highest-interest balance first). Setting up automatic payments and cutting extra expenses can also speed up the process.

Credit card debt consolidation is the process of combining multiple credit card balances into a single loan or account to make payments easier and often lower the overall interest rate.

If you have several credit cards and you struggle to keep up with all the payments, debt consolidation can help. It means combining all your balances into one loan or one new credit card, so you only have one payment to make each month. It can also lower your interest rate and help you pay off your debt faster.

Below are three methods you can use to consolidate your credit card debt:

• Personal loan – A good option if you want to learn how to pay off credit card debt faster. (Please be cautious, paying off debt with another debt is never the perfect strategy).
• Balance transfer credit card – This method helps you estimate credit card payoff during a 0% interest introductory period, giving you time to reduce your debt without extra charges.
• Debt management plan—This is a helpful choice when you need a clear plan that specifies a timeline for paying off your credit card balance.

How long to pay off a credit card is a question that often plagues credit card holders with large balances. This calculator can help you answer this important question.

To find an answer to that question, you have to input the following values into our credit card payment calculator:

• Credit card balance: This value is the sum of the charges you owe to the credit card company. If you don't know what your balance is, check your most recent credit card statement.

• Interest rate (APR): APR stands for annual percentage rate. It is the amount the credit card issuer charges, expressed as a percentage of your initial debt (see percentage calculator).

• Monthly payment: This value describes how much you can afford to allocate each month toward paying off your credit card. Remember that the credit card issuer always sets a minimum monthly payment (see credit card minimum payment calculator).

After choosing these values, the credit card payoff calculator will automatically display how many months it will take until you are debt-free (see month calculator).

The calculator displays an additional value – the total paid. This figure shows the sum of all payments that you'll make. If you play around with the numbers, you will probably notice that the longer you take to pay off your credit card, the higher the total paid amount becomes.

You can also use our credit card payoff calculator to perform a reverse calculation. Instead of calculating the payoff time, you can choose it arbitrarily and answer a different question: What monthly payments do I need to make to pay off my card by a specific time?

To determine the amount you need to pay monthly, our calculator uses the following formula:

• P = R × CCB / (1 - (1 + R)^-T)

In this formula:

• P – Monthly payment;
• R – Interest rate;
• CCB – Initial credit card balance; and
• T – Number of months until the debt is paid.