Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card debt and see how much interest you can save with different payment strategies.
Calculate Your Payoff Plan
Minimum payment: $80
Your Payoff Summary
Enter your details to see results
Quick Tips
- Paying just $50 more per month can save you $XX in interest
- Consider a 0% balance transfer to save on interest
- Always pay more than the minimum payment
Understanding Credit Card Debt Payoff
How Credit Card Interest Works
Credit card interest is calculated using your annual percentage rate (APR) and compounded daily. This means interest is added to your balance each day, leading to faster debt growth if you only make minimum payments. Our calculator shows exactly how much interest you'll pay based on your current repayment plan.
Payoff Strategies Explained
Standard Method
Fixed monthly payments until debt is cleared. This is the most straightforward approach.
Avalanche Method
Pay minimums on all cards, then put extra money toward the highest-interest debt first.
Snowball Method
Pay minimums on all cards, then put extra money toward the smallest balance first.
Tips to Pay Off Debt Faster
- Pay more than the minimum: Even small increases can significantly reduce payoff time
- Negotiate a lower APR: Call your card issuer to request a rate reduction
- Use windfalls wisely: Apply tax refunds or bonuses to your principal
- Consider balance transfers: 0% APR offers can provide temporary interest relief
- Automate payments: Ensure you never miss a due date and incur late fees
Important Note
This calculator provides estimates only. Actual results may vary based on your card issuer's specific terms, payment due dates, and any changes to your APR. For personalized financial advice, consult a certified credit counselor.