Credit Card Payoff Calculator – Free Online Tool
Struggling with credit card debt? Use our Credit Card Payoff Calculator to estimate how long it will take to pay off your balance, how much interest you’ll pay, and how much faster you can be debt-free by making extra payments. This free tool works with minimum payments, fixed monthly payments, intro APRs, and annual fees, giving you a clear view of your debt payoff plan.
How to Use the Calculator
- Enter your current balance.
- Add your APR (interest rate %).
- Choose whether to calculate using the minimum payment or a fixed monthly payment.
- (Optional) Enter any extra monthly payments.
- Add details like introductory APR months or annual fees if relevant.
- Click Calculate to see:
- Time to pay off your debt
- Total interest paid
- Total amount repaid
- Savings from extra payments
- A detailed amortization schedule
- A payoff chart showing your balance declining over time
Why Use a Credit Card Payoff Calculator?
✔ See how long it will take to become debt-free
✔ Understand how much interest you’ll pay with minimum payments
✔ Compare minimum vs fixed monthly payments
✔ Discover how small extra payments save time and money
✔ Plan your debt-free journey with confidence
Example Scenarios
Example 1: $5,000 balance, 19.9% APR, $100/month payment
👉 Time to Payoff: ~79 months (6.6 years)
👉 Total Interest Paid: ~$2,420
👉 Total Repayment: ~$7,420
Example 2: $10,000 balance, 20% APR, $300/month payment
👉 Time to Payoff: ~45 months (3.7 years)
👉 Total Interest Paid: ~$3,420
👉 Total Repayment: ~$13,420
Example 3: $2,500 balance, 19% APR, Minimum + $50 extra
👉 Time to Payoff: ~28 months (2.3 years)
👉 Interest Saved: ~$540
👉 Time Saved: ~13 months
Frequently Asked Questions (FAQ)
Q: How does a credit card payoff calculator work?
A: It calculates how long it will take to pay off your balance based on your APR, payment type (minimum or fixed), and any extra payments.
Q: What happens if I only make the minimum payment?
A: Your debt can last many years, and you’ll pay significantly more interest. This calculator shows you exactly how long it will take.
Q: Can I use this calculator for multiple credit cards?
A: Yes, but calculate one card at a time. For multiple debts, consider strategies like the Debt Snowball or Debt Avalanche method.
Q: How much faster can I pay off debt with extra payments?
A: Even small extra payments (like $25–$50/month) can save you hundreds in interest and cut years off your repayment plan.
Q: What is the difference between a credit card payment calculator and a payoff calculator?
A: A payment calculator estimates monthly payments, while a payoff calculator shows how long it takes to clear the balance and total interest costs.
Q: Does this include annual fees or intro APRs?
A: Yes — you can enter an annual fee and intro APR months to get a more accurate estimate.