Credit Card Payoff Calculator
How long it takes to clear a card balance and what it costs in interest
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Calculates how many months it takes to pay off a credit card balance with a fixed monthly payment and how much interest that costs, or what payment clears it within a set time. It compares your plan with paying only the minimum and, for several cards, the snowball and avalanche orders.
How to use
- On "One card", enter the "Balance" and the "APR".
- Under "Calculate", choose "Time to pay off" and enter a "Monthly payment", or choose "Payment needed" and enter "Pay off within".
- Enter the "Minimum payment" percent and the "Smallest minimum payment" to see your plan compared with minimum payments.
- For several cards, open "Several cards", enter each balance, APR and minimum payment, add "Extra each month" and compare the two methods.
How it works
- Interest is charged each month at balance × APR ÷ 12. If the payment is not larger than the "Interest this month", the page says the balance never goes down.
- Snowball puts all extra money on the smallest balance first; avalanche puts it on the highest APR first. When a card is paid off, its payment goes to the next card.
- Assumes no new purchases or fees and a fixed APR. Card issuers use the average daily balance, so real figures will differ slightly.
Questions and answers
- How long does it take to pay off a credit card with minimum payments?
- The minimum shrinks as the balance shrinks, so it can take many years. Enter the minimum percent from your statement to see the time and total interest next to your own plan.
- Why is my credit card balance not going down?
- Your payment is smaller than the interest charged that month. A balance of 5,000 at 24% APR adds about 100 of interest a month, so you must pay more than that to reduce it.
- Is the snowball or the avalanche method cheaper?
- Paying the highest APR first, the avalanche method, usually costs the least interest. The "Several cards" tab shows the difference and when each card is paid off.
- How much do I need to pay each month to clear my card in a year?
- Choose "Payment needed" and enter 12 months under "Pay off within". The monthly payment and total interest appear at once.