Credit Card Debt Payoff Calculator

Having a good strategy for paying down outstanding balances is key, especially if you wish to become debt free by a certain amount of time. Our debt payoff calculator can help you figure out exactly how much your monthly payments need to be in order to achieve your goal by a set number of months. Input your balance, interest rate, and the number of months you would like to pay your balance off by. The tool will then display for you the suggested payment structure.


pay off in months

interest (APR)


In order to pay off your balances in full within the specified amount of time, it is recommended you make monthly payments totalling $0.00. You will pay a total of $0 in interest over that time.

Visualizing Your Remaining Balance

The below graph can help you see exactly how quickly your total outstanding balance will go down overtime with the payment structure you selected.


Credit Card Debt Payoff Calculator Methodology

In order to figure out how much you must have to have to pay each month to completely payoff your balance in the allotted time, we looked at two factors. First we looked at the minimum monthly payments required to meet the requirement without interest. We then factored in the interest you gather over that time, and divided it among the monthly payments. This gives us the minimum bill payment required to payoff your balance within some number of months.

Keep in mind that one limitation of this calculator is that it doesn’t account for new purchases. We assume that once you determine to get rid of your credit card debt, you will focus on simply paying down a balance, and not add anything to it. Doing so may require you to reconsider how you structure your monthly budget.

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Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).