Credit Card Payoff Calculator to Calculate Payment Needed to Achieve Goal

Credit Card Payoff Calculator Sign

Are you tired of paying on a credit card forever, while the balance never seems to go down?

If you are ready to mount an all-out attack on that nagging credit card bill, this calculator will help you to formulate a plan to get rid of it once and for all.

Depending on your entries, the calculator will tell you:

  • How many months it will take to pay off your balance at a given payment amount.
  • Or, tell you how much the payment needs to be to pay off the balance within a given number of months.

In either case, the calculator will also tell you how much interest you will end up paying, plus provide you with a printer-friendly payment chart that you can print out.

Accommodates Future Charges

If you're like me, you charge certain reoccurring expenses to your credit card -- partly to earn the rewards, and partly to avoid potential overdraft charges from having these expenses come out of your checking or debit card account at an inopportune time.

Knowing that is the case for most people, the calculator includes these future monthly charges in your payoff plan -- plus tells you how much your payment will be if you stop charging to the card.

This means that if you leave the payment amount the same while removing the future monthly charges, you will also be able to tell how much sooner your balance will be paid off if you stop charging to the card.

Read more ...

Credit Card Payoff Calculator

Calculate credit card payoff month and year, or the monthly payment needed to pay off the card within a certain number of months.

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Balance:Balance owed:Current balance owed:Current balance owed:

Current balance owed:

Enter the current balance on your credit card. Enter as a dollar amount, but without the dollar sign and any commas. If you have added any new charges to your card since your last statement, be sure to include those as well.

$
APR %:Annual rate %:Annual percentage rate:Annual percentage rate:

Annual percentage rate:

Enter the annual interest rate you are being charged on the credit card. Enter as a percentage, but without the percent sign (for .1799 or 17.99%, enter 17.99).

%
Annual fee:Annual fee:Annual fee, if any:Annual fee, if applicable:

Annual fee:

If the card charges an annual fee, enter the annual dollar amount. Enter as a dollar amount, but without the dollar sign and any commas. The calculator will add 1/12th of this amount on top of the monthly payment amount needed to pay off the card.

$
Monthly chgs:Monthly charges:Future monthly charges:Future monthly charges:

Future monthly charges:

If you will be charging to the card while you are paying off the balance, enter the average amount you expect to charge each month. Enter as a dollar amount, but without the dollar sign and any commas. The calculator will add this amount on top of the monthly payment amount needed to pay off the card.

$
Future pmt:Future payment:Future monthly payment:Future monthly payment:

Future monthly payment:

If you want to see how many months it will take to pay off the card at a given payment amount, enter the payment amount here. Enter as a dollar amount, but without the dollar sign and any commas.

Otherwise, leave this field blank and enter the number of months on the next line.

$
Or, months:Or, # months:Or, # of months to pay off:Or, number of months to pay off:

Months to pay off:

If you want to see what the payment would need to be in order to pay off the card within a specified number of months, enter the number of months here. Otherwise, leave this field blank and enter the payment amount on the line above this one.

#
Next pmt:Next payment:Next payment is due:Next payment is due:

Month and year next payment is due:

Select the month and enter the 4-digit year of the next payment due date.

Payment:Monthly payment:Monthly payment to achieve payoff goal:Monthly payment to achieve payoff goal:

Monthly payment to achieve payoff goal:

This is the total monthly payment used in the payoff calculations. Note that this figure includes 1/12th of the annual fee (if applicable) as well as the future monthly charges (if entered).

Months:Months to payoff:Months till balance reaches zero:Number of months till balance reaches zero:

Number of months till balance reaches zero:

Based on your entries and on the above payment amount, this is the number of months it will take to pay off the card.

Interest:Interest cost:Total interest cost:Total interest cost:

Total interest cost:

This is how much interest you will pay on the card between now and when you achieve a zero balance.

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.