Credit Card Payoff Calculator
Calculate how quickly you can pay off your credit card debt using different strategies. See how much interest you can save.
Credit Card Details
Pay smallest balances first
Time to Payoff
2 years, 6 months
Total Interest
$2,428.9
Total Payments
$12,428.9
Monthly Payment
$500
Credit Card Breakdown
Payoff Progress
Payoff Order (Snowball Method)
| Order | Credit Card | Balance | Interest Rate | Minimum Payment |
|---|---|---|---|---|
| 1 | Amex | $2,000 | 15.5% | $60 |
| 2 | MasterCard | $3,000 | 22.5% | $90 |
| 3 | Visa | $5,000 | 18.9% | $150 |
Payoff Schedule
| Month | Remaining Balance | Monthly Payment | Interest Paid | Cards Paid Off |
|---|---|---|---|---|
| 0 | $10,000 | $500 | $0 | 0 |
| 1 | $9,660.83 | $500 | $160.83 | 0 |
| 2 | $9,316.89 | $500 | $156.05 | 0 |
| 3 | $8,968.09 | $500 | $151.21 | 0 |
| 4 | $8,614.38 | $500 | $146.29 | 0 |
| 5 | $8,255.68 | $500 | $141.3 | 0 |
| 6 | $7,891.92 | $500 | $136.24 | 0 |
| 7 | $7,523.02 | $500 | $131.11 | 0 |
| 8 | $7,148.92 | $500 | $125.9 | 0 |
| 9 | $6,789.27 | $480.27 | $120.62 | 1 |
| 10 | $6,463.62 | $440 | $114.35 | 1 |
| 11 | $6,132.11 | $440 | $108.49 | 1 |
| 12 | $5,794.63 | $440 | $102.52 | 1 |
| 18 | $3,638.3 | $440 | $64.39 | 1 |
| 19 | $3,255.93 | $440 | $57.63 | 2 |
| 24 | $1,714.54 | $350 | $32.01 | 2 |
| 30 | $0 | $48.63 | $0.75 | 3 |
Related & Other Popular Calculators
While managing credit card debt can feel daunting, with the correct approach to tackling it, you will become debt-free more rapidly, potentially saving thousands of dollars on interest charges! Our Credit Card Payoff Calculator allows you to figure out how long it will take to pay off your credit cards, lets you track your debt payoff progress, and compare multiple payoff methods including the Snowball Method, Avalanche Method, and Balance transfer method: if you are considering moving your balances to obtain a lower interest rate.
With one card or multiple accounts, the Credit Card Payoff Calculator outlines a timeframe to pay off your debt, how much interest you will incur, and gives you a custom payoff schedule. Once you enter your balances, interest rates, and payment amounts, you will see how much you will save on interest as well as when you will be debt free!
Why Use a Credit Card Payoff Calculator?
Credit card debt can quickly spiral out of control when you consider the high interest rates. Our Credit Card Payoff Calculator will enable you to:
With this Credit Card Payoff Calculator, you will gain greater financial clarity and a step-by-step plan for paying off debt smarter not harder.
How the Credit Card Payoff Calculator Works
Unlike basic calculators, our Credit Card Payoff Calculator gives you actionable insights tailored to your situation.
Credit Card Payoff Strategies
Our Credit Card Payoff Calculator includes different strategies so that you can choose the best plan for you:
Benefits of Using This Credit Card Payoff Calculator
With this Credit Card Payoff Calculator, you’ll have the tools to stay in control of your finances and reach your debt-free goal faster.
FAQs
A Credit Card Payoff Calculator tool will provide you an estimated schedule for paying off credit card debt, the interest you will pay, and which plan is the best option.
The Credit Card Payoff Calculator tools you an approximate schedule based on the information you enter. If you pay an additional amount or your interest changes, your actual schedule will differ, but this approximate schedule is helpful for planning purposes.
It all depends on your goals. The Snowball Method addresses smaller debts first to aid in motivation, while the Avalanche Method allows you to save more money by paying off higher interest debt first.
Absolutely! You can utilize the Credit Card Payoff Calculator for multiple credit cards, with a variety of balances and interest rates, so that you can see a full debt repayment plan.
Yes, the Credit Card Payoff Calculator shows you total interest cost, and how much interest you can save by paying off certain debts first and/or adjusting payment amounts.
With the Credit Card Payoff Calculator, you will see that by increasing the monthly payment, totaling bills using the Avalanche Method vs. Snowball Method, or transferring balances will significantly decrease the payoff time.