Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card debt and how much interest you’ll pay.
Payoff Summary
Months to Pay Off:
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Total Interest Paid:
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Total Payment Amount:
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Payoff Date:
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Payment Schedule
| Month | Payment | Principal | Interest | Remaining Balance |
|---|
Understanding Credit Card Debt Payoff
How Credit Card Interest Works
Credit cards use compound interest, calculated daily based on your average daily balance. The formula is:
Daily Interest = (Balance × APR) ÷ 365
This means even small balances can grow quickly if only minimum payments are made.
Why This Calculator Matters
This tool helps you:
- See the true cost of carrying credit card debt
- Find the optimal payment to become debt-free faster
- Understand how extra payments dramatically reduce interest
3 Strategies to Pay Off Debt Faster
- Avalanche Method: Pay highest-interest cards first (saves most money)
- Snowball Method: Pay smallest balances first (psychological wins)
- Balance Transfers: Move debt to 0% APR cards (if you can pay in promo period)
Pro Tip: Adding just $50/month to your payment can cut years off your debt!