The Credit Card Calculator will help you calculate how many months until your credit card is paid off. Simply enter your credit card balance and interest rate. Then choose whether you want a specific monthly payment or number of months until your balance is paid off.
Credit Card Balance: Your current balance on your credit card. This amount changes daily, so be sure to get the latest balance to arrive at the most accurate calculation.
Interest Rate: The annual interest rate on your credit card. The lower your interest rate, the lower your monthly payments will be and the quicker you can payoff your credit card. A slightly higher interest rate may not appear to increase your monthly payment by much, but your financing cost increases significantly.
Example of a Credit Card with Different Interest Rates. $2,000 balance paid off in 2 years.
Monthly Payment: $92.29
Interest Expense: $214.96
Monthly Payment: $96.97
Interest Expense: $327.28
The higher interest credit card would cost $112.32 more than the lower rate card.
Payment Per Month / Months Until Paid Off: You can choose how to calculate your payoff plan. If you are working from a budget, then you know how much you have available to apply towards your credit card monthly. If you have a goal to payoff your credit card within a specific time period, then calculator based on how many months you want to have your debt paid off.
Example of a Credit Card with Different Payoff Length. $2,000 balance with a 15.00% interest rate.