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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 CardCurrent bal. ($)Interest (% p.a)Monthly payment ($)
#1
 
#2
 
#3
 
#4
 
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Result

Payment Report (Interest Rate = 11% and Installment = $408)
MonthsInterest PaidPrincipal PaidRest Principal
110530311197
210330510892
310030810584
49731110273
5943149959
6913179642
7883209322
8853238999
9823268673
10803288345
11763328013
12733357678
13703387340
14673416999
15643446655
16613476308
17583505958
18553535605
19513575248
20483604888
21453634525
22413674158
23383703788
24353733415
25313773038
26283802658
27243842274
28213871887
29173911496
30143941102
3110398704
326402302
333

302

Paid

Total Interest Paid $1865 in 2Years and 9 Months

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.

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.

Updated on: November 15, 2016

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