This free online Credit Card Monthly Payment Calculator will calculate the size of the monthly payments you will need to make in order to meet your credit card payoff goal.
Unlike most credit card payment calculators, this calculator will also calculate how many hours you will need to allocate to working just to pay the interest charges on the credit card -- for both the minimum payment and the payoff goal payment.
If you would like to see how much time and money you can save simply by "Fixing" your current monthly minimum payment, please visit the Calculate Credit Card Payoff Comparison Calculator.
Whether you realize it or not, the vote you cast in the voting booth is not your primary method of voting for how our country is run. Your primary, and most influential method of voting is based on how and where you invest and spend your money.
Think about it. Who can afford to hire the best lobbyists and lawyers money can buy? Big business, of course. And how do businesses become big businesses? That's right, you, me, and a host of others spend money to purchase their goods and pay for their services.
So what's my point? When you carry a balance on a credit card and allow yourself to be duped into making only the minimum monthly payments, not only are you throwing a significant chunk of your potential future wealth out the window, but you are also continuously casting votes in favor of allowing credit card companies to have a major influence over how our country is run.
Considering credit card companies are continually preying on college students and working families for profit, is that really who you want running our country? If not, then I suggest you stop casting so many votes for them.
With that, let's use the following credit card monthly payment calculator to calculate the size of the monthly payments you will need to make in order to meet your credit card payoff goal.
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Current balance: The current balance on your credit card. If you've made any purchases with your card since your last statement, be sure to add those charges to the balance as well.
Annual interest rate (APR): The annual interest rate you are being charged on the credit card. Enter as a percentage (for .1799, enter 17.99%).
Current minimum payment amount: The minimum payment amount for the current month as listed on your credit card statement.
Smallest minimum payment allowed: The lowest allowable minimum payment dollar amount. For example, if your credit card company states your payment will be 2% of the balance, or $15, whichever is greater, enter 15 in the field provided.
Number of months to pay off the balance: The number of months in which you would like to pay off this credit card (for 1 year enter 12 months, for 2 years enter 24 months, etc.).
Real hourly wage: Optional: If you want to compare how many hours you will need to allocate to work just to pay the interest charges on your credit card, enter your real hourly wage in the field provided. Otherwise leave blank. Note: If you click on the link, the Real Hourly Wage Calculator will open in a new window.
Monthly payment to achieve payoff goal: This is how much you will need to pay each month in order to pay off the balance of this credit card within the number of months you specified. That is, assuming you that you never allow any new charges to carry over to the next month (increase the balance owed).
Minimum payment result row: This row shows the number of payments and the total interest cost if you make only the declining minimum monthly payments on your credit card. If you included your real hourly wage in your entries the calculator will also show you how many hours you will need to work to pay the interest charges when making only the minimum monthly payments.
Goal payment result row: This row shows the number of payments and the total interest cost if you pay off your credit card within the number of months you specified. If you included your real hourly wage in your entries the calculator will also show you how many hours you will need to work to pay the interest charges if you pay off the card within the number of months you specified.
Goal payment savings result row: This row shows the month and interest savings you will realize if you make the new payoff goal payment instead of making declining minimum monthly payments. If you included your real hourly wage in your entries the credit card monthly payment calculator will also show you how many work hours you will save if you pay off the card within the number of months you specified.