How it works
Calculate how long it will take to pay off your credit card balance or determine the monthly payment needed to be debt-free by a specific date.
Input query strings and outputs
Use an input name in this page’s URL as ?name=value, and join additional inputs with &. Portable shared links may instead use the compact ?ac= state parameter.
Input query strings
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?balance=Credit Card BalanceNumber · Optional · Default: 5,000
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?rate=Interest Rate (APR)Number · Optional · Default: 18.9
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?payment=Monthly PaymentNumber · Optional · Default: 200
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?monthsToPay=Months to PayoffNumber · Optional · Default: 24
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?mode=ModeChoice · Optional · Default: payment
Outputs
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resultResultText · Primary output
result contains the calculator’s complete rendered result area, including its visible result cards, tables, charts, and messages.
Model your path to zero balance
Description
The Credit Card Calculator is a dual-mode tool designed to help you tackle high-interest debt. You can either calculate how long it will take to pay off a balance with a specific monthly payment, or determine exactly how much you need to pay each month to be debt-free by a specific date.
Inputs
- Credit Card Balance: The current amount owed on the card ($).
- Interest Rate (APR): The annual percentage rate charged by the card issuer (%).
- Mode Selection:
- Calculate Payoff Time: Enter your intended Monthly Payment ($).
- Calculate Monthly Payment: Enter your desired Months to Payoff.
Outputs
- Time to Payoff / Monthly Payment: Depending on the mode, either the duration or the required installment.
- Total Interest: The total extra cost you will pay in interest charges.
- Total Cost: The sum of your original balance and all interest paid.
Chart
- Balance Over Time Area Chart: Visualizes the declining balance month-by-month as payments are applied.
“Good to Know”
- Credit cards typically have the highest interest rates of any consumer debt; paying more than the minimum is essential for making progress.
- Even a small increase in your monthly payment can shave months or years off your payoff timeline.
- Credit cards compound interest daily, though this calculator uses a standard monthly compounding model for estimation.
Examples
Example 1: Finding Payoff Time
- Input:
- Balance: $5,000
- Rate: 18.9%
- Monthly Payment: $200
- Output:
- Time to Payoff: 32 Months
- Total Interest: ~$1,400
Example 2: Planning a 2-Year Goal
- Input:
- Balance: $5,000
- Rate: 18.9%
- Months to Payoff: 24
- Output:
- Monthly Payment: ~$252
- Total Interest: ~$1,044
Example 3: Small Balance Strategy
- Input:
- Balance: $1,200
- Rate: 24.9%
- Monthly Payment: $100
- Output:
- Time to Payoff: 15 Months
- Total Interest: ~$200