Credit Card Payoff Calculator

Digging out of debt can seem impossible. Our calculator helps you visualize and understand just how easy it is to do. Begin by paying bills on time every month, since your payment history makes up the largest percentage (35%) of your total FICO credit score. Also, keep your credit utilization ratio low, (meaning: don’t use all of the credit available to you), because your debt-to-credit levels, or your total balances across all accounts, make up 30% of your total FICO credit score.

This Credit Card Payoff Calculator estimates how long it will take you to pay off a credit card given the amount you wish to pay each month, or, how much you need to pay each month given the desired number of months you wish to have it paid-in-full.

How to use the payoff calculator:

  1. Add the current balance of your credit card
  2. Add the current interest rate charged on your credit card
  3. Add the amount you plan to charge to your credit card each month
  4. Enter either the number of months you wish to reach a zero balance or the amount you wish to continue paying each month.
  5. Click “CALCULATE” to see your results!

How long will it take to pay off my credit card?

The time it takes to shred your credit card debt depends on your current balance, interest rate, the amount you pay each month, how much you continue to charge on your card each month, and whether or not you incur any fees or penalty APR.

The fastest way to pay off credit card debt is make every payment on time (to avoid penalty fees), refrain from additional purchases on the card, and make more than one payment each month, even if it’s just a few extra dollars.

NOTE: The credit card payoff calculator is a self help tool and is not intended to provide financial advice to its users. We cannot guarantee the accuracy of results when applied to a user's individual factors. Please seek professional advice regarding all personal financial issuers.

Payoff Calculator


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