About the Credit Cards Payoff Calculator
This Credit Cards Payoff Calculator shows how long it takes to clear several credit card balances and how much interest you will pay. You get a month-by-month payoff schedule, total interest, and a debt-free date for each strategy.
The tool applies the standard amortization formula P x r x (1+r)^n / ((1+r)^n - 1) to every card, using your balance, annual percentage rate, and monthly payment as inputs. It then orders the cards by highest APR first (the avalanche method) or smallest balance first (the snowball method). Enter every card you hold so the plan reflects your full debt load. Pay more than the minimum each month, because small extra payments shorten the payoff by months or years. For major debt decisions, consider a financial professional.
- Enter each credit card with its balance, APR, and current monthly payment.
- Choose a strategy, avalanche or snowball, or set a target payoff date.
- Compare the debt-free dates and total interest, then adjust payments to fit your budget.