Credit Card Payoff Calculator

Credit Card Payoff Calculator

Use this credit card payoff calculator to see what it will take to payoff your credit card balance, and also what you can change to meet your specific repayment goals. You can compare scenarios and find out how long it should take to pay off your credit cards depending on multipe factors. Click the "View Report" button for a detailed look at the results.

This Financial Calculator requires SUN's Java™ Plug-in. If you see this message you will need to download SUN's Java™ Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing "Install ActiveX Control".

You can also get SUN's Java™ Plug-in here: Get the Java™ Plug-in!

Definitions of terms included in this calculator

Definitions

Current balance Current outstanding balance on your credit card. Payoff goal (in months) Your goal for paying off this credit card. This is the number of months by which you would like to have completely paid off this credit card balance. Current monthly payment The amount you are currently paying per month on this credit card. Please enter the amount you actually pay, not the minimum payment. This amount is used to calculate how long it will take you to payoff your balance. Planned additional monthly charges Total new charges you expect to put on this credit card per month. Interest rate (APR) The annual percentage rate for this credit card. Annual fee Your annual fee for this credit card. Major purchase If you expect a major purchase beyond your normal charges, enter the amount to be spent here. Months from now Number of months before your major purchase will occur.

Note: This information is for general use only. Use this information as part of a full research process. General financial advice does not always apply directly to individual financial matters. Please consult a financial expert with specific and complex questions about your individual situation.

About our Credit Card Payoff Calculator

This credit card payoff calculator is just one of more than 30 personal finance calculators that we offer to consumers to help make knowledgeable decisions in all-important financial situations. Please use the credit card payoff calculator as part of a thorough research process. For more news, advice and resources, visit our knowledge center.