Credit Card Payoff Calculator

How this credit card payoff calculator works

Enter the total amount you can put toward your credit cards each month, then the balance, minimum payment, and APR of each card. The credit card payoff calculator builds a month-by-month plan that pays every card's minimum and sends the rest of your budget to one card at a time. It shows how many months it takes to become debt-free, the total interest, and exactly how much to pay on each card in each stretch of months.

Each month, every card is charged interest at its APR divided by 12. The calculator then pays the minimums, puts the extra money on the card with the highest APR, and moves any money left over from a card it just paid off to the next card in line that same month.

For example, with $650 a month for a $5,200 card at 22.99% with a $130 minimum, a $1,800 card at 28.99% with a $45 minimum, and a $7,400 card at 19.49% with a $185 minimum, the 28.99% card is gone in 6 months, the 22.99% card in 19, and the last card in 29 months. You pay $18,333.49 in total, of which $3,933.49 is interest.

The debt avalanche method

Paying the highest-interest card first is known as the debt avalanche. Because every extra dollar goes where interest is most expensive, it costs the least interest of any order for the same monthly budget. Once a card is paid off, its minimum payment and the extra money roll over to the next-highest APR, so the payment on each remaining card grows over time.

The other popular approach, the debt snowball, pays the smallest balance first. It can feel faster because cards disappear sooner, but it usually costs more interest when the smallest balance is not also the highest APR.

Frequently asked questions

How do I pay off credit card debt faster?

Pay more than the minimums and aim the extra at the highest APR first. Stop adding new charges to the cards you are paying down. A lower rate from a balance transfer or a consolidation loan also helps if the fees are small compared with the interest saved. Try a larger monthly budget in the calculator to see how many months and how much interest it saves.

Can I use this as a credit card debt payoff calculator for several cards?

Yes. Add up to 20 cards. Leave a card's fields blank to skip it. The plan tells you the order to pay them off and the payment for each card month by month.

Does this work as a credit card payment calculator?

Yes. Instead of a single payment, it splits your monthly budget into a payment for each card and lists how that payment changes as cards are paid off. To see the payment needed to clear a balance by a certain date, raise the budget until the payoff time matches your goal.

Is this the same as a debt payoff calculator?

It works for any debt with a fixed APR and a minimum payment, such as personal loans or medical bills on a payment plan. Enter each one as a separate card.

Why does my budget have to cover all minimum payments?

Missing a minimum payment leads to late fees, penalty APRs, and credit score damage, so the plan always pays every minimum first. If your budget is less than the minimums combined, the calculator asks for a larger budget.

Limitations

The plan assumes no new purchases, fixed APRs, and minimum payments that stay the same. Most issuers charge interest on your average daily balance and lower the minimum payment as the balance falls, so your actual payoff time and interest may differ. Fees, promotional rates, and penalty APRs are not included. Treat the result as an estimate, not financial advice.