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Credit Card Monthly Payment Calculator for Achieving Payoff Goal

Calculator Preferences
Credit Card Monthly Payment Calculator Sign
Credit Card Monthly Payment Calculator

This calculator will calculate how much your monthly payment will need to be in order to pay off your credit card balance within a specified number of months. Plus the results will also show you how much time and interest you will save by increasing your monthly payment to beyond the prescribed minimum amount. The results also include a payoff comparison chart, a text summary, and an interest cost comparison graph.

Learn More

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 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.

Feedback AppreciatedFeedback Greatly AppreciatedYour Feedback Would Be Greatly AppreciatedYour Feedback Is Greatly Appreciated
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Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.

 

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