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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
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.
Citi® Diamond Preferred® Card
14.74% - 24.74% (Variable)
- 0% Intro APR for 18 months on purchases from date of account opening and 0% Intro APR for 18 months on balance transfers from date of first transfer. After that the variable APR will be 14.74% - 24.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater
- Get free access to your FICO® Score online.
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- The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.