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.

balance

pay off in months

interest (APR)

payment

In order to pay off your balances in full within the specified amount of time, it is recommended you make monthly payments totalling $0. 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.

Balance
{"onCurrent":"true"}

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.

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author's alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Info about the following cards: American Express® Gold Card, Delta Reserve® Credit Card from American Express, Hilton Honors Surpass® Credit Card, American Express® Blue Sky, American Express® Green Card, The Amex EveryDay® Preferred Credit Card from American Express, The Plenti® Credit Card from Amex, Blue from American Express®, Platinum Card® from American Express Exclusively for Mercedes-Benz, Bluebird, Centurion® Card from American Express, Hilton Honors American Express Aspire Card, and Starwood Preferred Guest® American Express Luxury Card has been collected independently by ValuePenguin. The issuer did not provide the details, nor is it responsible for their accuracy.

Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

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).