Credit Card Payoff Calculator

Discover how quickly you can become debt-free and how much interest you'll save with different payment strategies.

Enter Your Details

Current Balance ($)

Annual Interest Rate (%)

Monthly Payment ($)

Extra Monthly Payment ($)

Your Payoff Plan

Time to Payoff

28 months

Total Interest

$892

Total Paid

$6,892

Savings with Extra Payment

$312 & 7 months

Compared to minimum payments only

Take Control of Your Credit Card Debt

Struggling with credit card debt? Our free Credit Card Payoff Calculator helps you create a strategic plan to eliminate your debt faster and save money on interest payments.

By entering your current balance, interest rate, and monthly payment, our calculator shows you exactly how long it will take to become debt-free. Discover how making extra payments can dramatically reduce your payoff time and the total interest you'll pay.

Why Use Our Credit Card Payoff Calculator?

Visualize your debt-free timeline
See exactly how much interest you'll pay
Discover savings from extra payments
Plan a realistic debt repayment strategy

Pro Tip: Debt Snowball vs. Avalanche

Combine this calculator with either the debt snowball (paying smallest debts first) or debt avalanche (paying highest interest debts first) method to optimize your debt payoff journey. Our calculator helps you see which approach will save you the most money!

Frequently Asked Questions

How does a credit card payoff calculator work?

Our calculator uses your credit card balance, interest rate, and monthly payment amount to calculate how long it will take to pay off your debt. It factors in compound interest and shows how extra payments can reduce both the payoff time and total interest paid.

Why should I make extra credit card payments?

Extra payments directly reduce your principal balance, which means you'll pay less in interest over time. Even small additional payments can save you hundreds or thousands of dollars and help you become debt-free years earlier.

What's the difference between APR and interest rate?

APR (Annual Percentage Rate) includes both the interest rate and any additional fees charged by the credit card issuer. For payoff calculations, we use the APR as it gives a more accurate picture of your borrowing costs.

How accurate are these calculations?

Our calculator provides highly accurate estimates based on the information you provide. Actual results may vary slightly if your interest is compounded daily or if you make payments on different dates, but it will give you an excellent projection of your payoff timeline.

Is this calculator really free to use?

Yes! Our Credit Card Payoff Calculator is completely free with no sign-up required. We believe everyone should have access to tools that help them achieve financial freedom without any cost barriers.