Credit Card Monthly Payment Calculator for Achieving Payoff Goal

Credit Card Monthly Payment Calculator Sign

This calculator will calculate the size of the monthly payment you will need to make to pay off your credit card balance within the desired time frame.

Plus, the calculator will also show you how much time and money you will save by increasing your monthly payment beyond the prescribed minimum payment amount.

And, unlike most credit card calculators, this calculator will also calculate how many hours you will need to allocate to working 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 Credit Card Fixed Payment Calculator.

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Credit Card Monthly Payment Calculator

Calculate the monthly payment needed to pay off a credit card within your desired time frame, and see how much money you will save if you succeed.

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Balance:Balance owed:Current balance owed:Current balance owed:

Current balance owed:

Enter the current balance on your credit card. Enter as a dollar amount, but without the dollar sign and any commas. If you have added any new charges to your card since your last statement, be sure to include those as well.

APR %:Annual rate %:Annual percentage rate:Annual percentage rate:

Annual percentage rate:

Enter the annual interest rate you are being charged on the credit card. Enter as a percentage, but without the percent sign (for .1799 or 17.99%, enter 17.99).

Min pmt:Minimum payment:Current minimum payment amount:Current minimum payment amount:

Current minimum payment amount:

Enter the minimum payment amount for the current month. Enter as a dollar amount, but without the dollar sign and any commas.

Smallest pmt:Smallest payment:Smallest minimum payment allowed:Smallest minimum payment allowed:

Smallest minimum payment allowed:

Enter the lowest allowable minimum payment dollar amount. Enter as a dollar amount, but without the dollar sign and any commas. 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.

Months:# of months:Number of months to pay off:Number of months to pay off the balance:

Number of months to pay off the balance:

Enter the number of months in which you would like to pay off this credit card.

Hourly wageReal hourly wageOptional: Real hourly wageOptional: Real hourly wage:

Optional: Real hourly wage:

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. Enter as a dollar amount, but without the dollar sign and any commas. Otherwise leave blank. Note: If you tap on the link, the Real Hourly Wage Calculator will open in a new window.

Payment:Monthly payment:Monthly payment to achieve goal:Monthly payment to achieve payoff goal:

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).

Payoff ComparisonCard Payoff ComparisonCredit Card Payoff ComparisonCredit Card Payment Payoff Comparison
TypeTypePmt TypePayment Type# of
Pmts
# of
Pmts
# of
Pmts
Number of
Payments
Interest
Cost
Interest
Cost
Interest
Cost
Interest
Cost
Work Hrs
to Pay
Interest
Work Hrs
to Pay
Interest
Work Hours
to Pay
Interest
Work Hours
to Pay
Interest
MinMinMinimumMinimum:

Minimum payment:

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.

NewNewGoal pmtPayoff goal:

Payoff goal payment:

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.

SaveSaveSavingsSavings:

Goal payment savings:

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 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.

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools

Alert

Are you voting to put credit card companies in charge of our country?

Who Are You Voting For?

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.

Instead, your primary and most influential method of voting is 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 sincerely encourage you to stop casting votes for them.

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.