Credit Card Payoff Calculator
Plan paying off one card or several: how long it takes and the interest, putting extra money on the highest rate first.
Change the values and press Calculate to work out your own figures.
One card
Enter the balance, payment and rate.
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $1,004.21 | $4,995.79 | $2,504.21 |
| 2 | $126.16 | $2,504.21 | $0.00 |
Show the working
- each month: interest = balance × rate ÷ 12 (to the cent); the rest of the payment reduces the balance
Several cards
Add each card and your monthly budget.
Show the working
- each month: interest, then every minimum, then the rest to the target debt
How to use it
Enter the balance, payment and rate. Add each card and your monthly budget.
Enter amounts without commas or with them; rates are percentages (5 for 5%). Negative amounts are allowed where a sign means money paid out.
Key facts
each month: interest is added, every minimum is paid, and the rest of the budget goes to the target card
Avalanche or snowball
Paying the highest rate first saves the most; the smallest balance first clears cards sooner, which some people find motivating.
Questions
How long do three cards ($14,500 in all) take at $500 a month?
3 years 2 months, highest rate first.
Formulas
each month: interest is added, every minimum is paid, and the rest of the budget goes to the target card
Sources
Limitations
- Results are estimates for planning, not offers or financial advice; lenders and banks may round, count days or time payments differently.
- Rates are nominal annual rates compounded as you choose; payments at a different frequency use the equivalent periodic rate.