Credit Card Payoff Calculator
for Payment or Months to Reach Goal

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The Credit Card Payoff Calculator on this page will tell you when your card will be paid off, or how much your payment needs to be to pay off the card within a certain time frame.

Are you tired of paying on a credit card forever, while the balance never seems to go down?

If you are ready to mount an all-out attack on the that nagging credit card bill, this calculator will help you to formulate a plan to get rid of it once and for all.

Depending on your entries, the calculator on the page will tell you how many months it will take to pay off your balance at a given payment amount, or tell you how much the payment needs to be in order to pay off the balance within a given number of months.

In either case, the calculator will also tell you how much interest you will end up paying, plus provide you with a printer friendly payment chart that you can print out.

Accommodates Future Charges

If you're like me, you charge certain reoccurring expenses to your credit card -- partly for the purpose of earning the rewards, and partly to avoid potential overdraft charges from having these expenses come out of your checking or debit card account at an inopportune time.

Knowing that is the case for most people, the calculator includes these future monthly charges in your payoff plan -- plus tells you how much your payment will be if you stop charging to the card.

This means that if you leave the payment amount the same, while removing the future monthly charges, you will also be able to tell how much sooner your balance will be paid off if you stop charging to the card.

With that, let's use the following credit card payoff calculator to formulate a plan for paying off the card so at some point in the future you can actually start keeping that monthly payment for yourself.

Credit Card Payoff Calculator
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Instructions: Enter the credit card's current balance and annual interest rate.

Next, enter the annual fee of the credit card (if any) and the average amount you expect to charge to the card in all future months.

Next, if you know the maximum payment amount you can afford to pay in all future months, enter the future payment amount. Or, if you want to see how much the monthly payment will need to be in order to pay off the card within a certain number of months, enter the number of months instead.

Finally, click the "Calculate Credit Card Payoff" button, which will generate the payoff results along with a payoff amortization schedule.

More in-depth explanations can be found in the glossary of terms located beneath the Credit Card Payoff Calculator.

Help Current balance ($):
Help Annual interest rate (%):
Help Annual fee ($):
Help Future monthly charges ($):
Help Future monthly payment ($):
     - OR -
Help Months to pay off (#):
Help Month and year next payment is due:
Help Monthly payment to achieve payoff goal:
Help Number of months till balance reaches zero:
Help Total interest cost:
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Credit Card Payoff Calculator Glossary of Terms

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Current balance: Enter the current balance on your credit card. If you have added any new charges to your card since your last statement, be sure to include those as well.

Annual interest rate: Enter the annual interest rate you are being charged on the credit card. Enter as a percentage (for .1799, enter 17.99%).

Annual fee: If the card charges an annual fee, enter the annual dollar amount. The Credit Card Payoff Calculator will add 1/12th of this amount on top of the monthly payment amount needed to pay off the card.

Future monthly charges: If you will be charging to the card while you are paying off the balance, enter the average amount you expect to charge each month. The Credit Card Payoff Calculator will add this amount on top of the monthly payment amount needed to pay off the card.

Future monthly payment: If you want to see how many months it will take to pay off the card at a given payment amount, enter the payment amount here. Otherwise, leave this field blank and enter the number of months below.

Months to pay off: If you want to see what the payment would need to be in order to pay off the card within a specified number of months, enter the number of months here. Otherwise, leave this field blank and enter the payment amount above.

Month and year next payment is due: Select the month and enter the 4-digit year of the next payment due date.

Monthly payment to achieve payoff goal: This is the total monthly payment used in the payoff calculations. Note that this figure includes 1/12th of the annual fee (if applicable) as well as the future monthly charges (if entered).

Number of months till balance reaches zero: Based on your entries and on the above payment amount, this is the number of months it will take to pay off the card.

Total interest cost: This is how much interest you will pay on the card between now and when you achieve a zero balance.

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