Credit Card Calculator
Calculate your credit card payments, interest charges, and payoff timeline to manage debt and plan repayment strategies
Credit Card Calculator
Credit Card Information
%
Payment Strategy
Payoff Results
Your debt payoff breakdown
Enter your credit card information to see payoff results
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Formulas Behind the Calculation
Monthly Interest Rate
Monthly Rate = Annual Rate ÷ 12
Balance Recurrence
New Balance = Previous Balance × (1 + Monthly Rate) - Payment
Fixed Payment: Payoff Time
n = ln(P / (P - B₀ × r)) ÷ ln(1 + r)
Fixed Timeframe: Required Payment
P = B₀ × r × (1+r)ⁿ ÷ ((1+r)ⁿ - 1)
Example Scenarios
Scenario 1: Aggressive Payoff
- • Balance: $5,000
- • APR: 18.99%
- • Payment: $300/month
- • Result: ~19 months, $850 interest
Scenario 2: Minimum Payment
- • Balance: $5,000
- • APR: 18.99%
- • Payment: 2% of balance
- • Result: ~30+ years, $15,000+ interest
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How to Use This Calculator
Step-by-step guide to get accurate results
1
How to Use the Credit Card Calculator
Enter Your Balance
Use our credit card balance calculator to input the current amount you owe.
Add Your Interest Rate (APR)
The credit card APR calculator will determine how much interest you’ll pay over time.
Input Your Monthly Payment
Use the credit card monthly payment calculator or credit card minimum payment calculator to see different repayment options.
Choose a Repayment Method
Compare options like the snowball method or avalanche method for faster debt reduction.
View Your Results
See your payoff time, total interest, and payment schedule instantly.
2
Different Calculation Methods
Payoff Time Calculator
Estimate how long it will take to clear your balance with current or planned payments.
Interest Calculator
Understand how much interest accrues over time to optimize your payments.
Debt Consolidation Calculator
Explore combining multiple high-interest cards into one lower-interest option.
Snowball vs Avalanche Methods
Decide whether to pay off smaller balances first (snowball) or higher interest rates first (avalanche) for faster savings.
3
Example Scenarios
Multiple Credit Cards
Use the calculator for multiple cards to prioritize payments and reduce interest efficiently.
High Balances or High Interest
Focus on costly debt with the credit card payoff calculator for high interest rates.
Low Credit Scores
Tailor your plan using the calculator for low credit scores to avoid late fees and maximize repayment.
Extra Payments or Lump Sums
Add extra or lump-sum payments to accelerate payoff.
Biweekly Payments
Reduce interest faster with biweekly payment scheduling.
4
Benefits of Using the Credit Card Calculator
Save Money on Interest
Plan payments to minimize interest accumulation.
Reduce Stress
Gain clarity with a clear debt repayment and payment schedule.
Compare Strategies
Decide between snowball and avalanche methods for debt reduction.
Track Progress
Monitor payoff progress with apps, Excel, or spreadsheet versions.
Plan Multiple Scenarios
Evaluate balance transfer and consolidation strategies with built-in comparisons.
Frequently Asked Questions
Is this credit card calculator free?
Yes, our credit card payoff calculator is completely free to use online.
Can I calculate payments for multiple cards?
Absolutely! Enter balances for several cards and manage them all in one place.
Does it help with high-interest credit cards?
Yes. The calculator for high interest rates helps you prioritize and save on interest.
Can I use it for extra or biweekly payments?
Yes, you can test extra or biweekly payments to see how much faster you’ll be debt-free.
Is this calculator suitable for debt consolidation?
Definitely. Use the consolidation and balance transfer features to compare options.