Credit Card Payoff Calculator

Calculate how long it will take to pay off your credit card balance and see the total interest cost.

Payment Summary

Months to Pay Off

0

Total Interest

$0

Total Payment

$0

Payment Analysis

Cost Distribution

Monthly Payment Allocation

About The Calculator

Our credit card payoff calculator helps you understand exactly how long it will take to pay off your credit card debt and the total interest you'll pay. By visualizing your debt payoff journey, you can make better decisions about your monthly payments and develop an effective debt elimination strategy.

How Credit Card Interest Works

Credit card interest is typically calculated daily using your annual percentage rate (APR) divided by 365. The interest compounds, meaning you pay interest on previously accrued interest, which can make credit card debt particularly expensive if not managed properly.

Key Features

  • Calculate exact payoff timeline based on your payment amount
  • See total interest costs over the life of your debt
  • Understand how different payment amounts affect your payoff time
  • Visualize the breakdown between principal and interest payments
  • Compare different payment strategies to find the best approach

Tips for Faster Payoff

  • Pay more than the minimum payment whenever possible
  • Consider balance transfer options to lower your interest rate
  • Stop using the card while paying it off
  • Make bi-weekly payments to reduce interest charges
  • Apply any extra money (bonuses, tax returns) to your credit card debt

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Tuomas J.

Tuomas J.

Financial Calculator Expert

Creating precise financial calculators to help you make better money decisions.

Frequently Asked Questions

Credit card interest is typically calculated using a daily periodic rate (annual rate divided by 365) and applied to your average daily balance. Our calculator uses monthly compounding for simplicity.

Paying only the minimum payment extends your repayment period and significantly increases the total interest paid. Increasing your monthly payment reduces both the payoff time and total interest.

To pay off credit card debt faster: 1) Pay more than the minimum payment, 2) Transfer to a lower interest rate card, 3) Stop using the card while paying it off, 4) Make bi-weekly payments instead of monthly.

Credit card interest rates typically range from 12% to 24%. Rates below 15% are considered good, while rates above 20% are high. Your rate depends on your credit score and card type.