This free credit card payoff calculator can help you figure out how long it will take to pay off your credit card balance. The calculator even helps you to figure out how much you can pay each month to reduce the balance faster than scheduled. The calculator uses credit card balances, interest rate, and recurring charges along with a timeline target, to determine the payoff value.
The variables used in our online calculator are defined in detail below, including how to interpret the results.
This is the current or total amount of credit card debt that you'd like to pay off.
This is the annual interest rate charged by your credit card company on the outstanding balance you're keeping on the card each month.
This credit card payoff calculator allows you to continue to make new monthly charges to your account. If you're still planning to use your credit card, then enter the average amount you think you'll charge to the card each month.
This is the current monthly payment you're making on your credit card each month. This value will be used later on to figure out the time you have remaining until you've paid off the balance using your current monthly payment.
This is the number of months by which you'd like to have your credit card balance, as well as new charges, paid off. This payoff target will be used to calculate your monthly payoff amount.
This is how much you have to pay each month to your credit card company to eliminate your balance and new charges using the number of months indicated in the credit card payoff target previously supplied.
This is the time that it will take to pay off your credit card balance using the current monthly payment indicated earlier. If there is an error in this portion of the calculator, this indicates that you're not paying enough money each month to pay off your balance. In fact, an error indicates the balance may be growing.
Credit Card Payoff Calculator - Copyright © 2006 - 2015 Money-Zine.com (Last Reviewed on January 22, 2015)
Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.