Credit Card Payoff Calculator

Use this credit card payoff calculator to find out how long it will take for debt repayment. You will also learn how much you will pay in interest on your credit cards.

To do the calculations, fill out the required information accurately.

Here, an example is already given.

 
Credit Card Current bal. ($) Interest (% p.a) Monthly payment ($)
#1
 
#2
#3
#4
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Result
Payment Report (Interest Rate = 11% and Installment = $408)
Months Interest Paid Principal Paid Rest Principal
1 105 303 11197
2 103 305 10892
3 100 308 10584
4 97 311 10273
5 94 314 9959
6 91 317 9642
7 88 320 9322
8 85 323 8999
9 82 326 8673
10 80 328 8345
11 76 332 8013
12 73 335 7678
13 70 338 7340
14 67 341 6999
15 64 344 6655
16 61 347 6308
17 58 350 5958
18 55 353 5605
19 51 357 5248
20 48 360 4888
21 45 363 4525
22 41 367 4158
23 38 370 3788
24 35 373 3415
25 31 377 3038
26 28 380 2658
27 24 384 2274
28 21 387 1887
29 17 391 1496
30 14 394 1102
31 10 398 704
32 6 402 302
33 3 302 Paid
Total Interest Paid $1865 in 2 Years and 9 Months
 
     
 

Disclaimer: The Credit Card Payment Calculator is made available to you as a self-help tool. As such, the accuracy of the figures and the applicability of the calculator in regards to your individual situation cannot be guaranteed. Also, the Credit Card Payment Calculator does not include credit balance insurance and other fees which may be optional.

FAQ:

Interest is charged when you don’t pay the outstanding balance in full on your credit card. It is also charged on the remaining amount when you make only the minimum monthly payment.

It works as a daily rate calculated by dividing the APR (Annual Percentage Rate) by 365. Then, the current card balance is multiplied by the daily rate.

That amount is added to your next billing statement.

Revolving credit, like a credit card, comes with a standard interest rate, or APR (Annual Percentage Rate). Make sure you are aware of your card’s APR and other information when you take out your credit card. These will depend on a few factors, including your credit score. The higher your score, the better terms and conditions you might expect from your credit card issuer.

Check your card member agreement to understand the terms and conditions. Is there any grace period mentioned? If so, you can make your payment within the due date. The credit card issuer will not charge any interest if you pay your outstanding balance within each month’s due date. Once you miss that date, the card issuer will charge an interest based on the APR on your card.

You can repay your credit card debt through credit card consolidation, credit card settlement, or DIY strategies like balance transfer, debt snowball, or avalanche.

You can use a suitable credit card payment calculator to choose the most appropriate debt relief method depending on your current balance, interest charges, and personal financial situation.

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