Advertiser Disclosure: ValuePenguin is an advertising-supported comparison service which receives compensation from some of the financial providers whose offers appear on our site. This compensation from our advertising partners may impact how and where products appear on our site (including for example, the order in which they appear). To provide more complete comparisons, the site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.
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.
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.