Credit Card Payoff Calculator

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Credit Card Info Months

$800 Payment Interest
$700 673
Current Balance $ 7,500 12 673.40 580.84

Monthly Payment
$600
Interest Rate 14.00% 18
$500
464.36
464 858.55
Interest-Only Payment $ 87.50 24
$400 360.10
360 1142.32
298
30
$300 297.74 256
1432.13
227
188 175
$200
36 256.33 1727.96
$100
A. Calculate Months to Payoff 42 226.90 2029.77
$0
Monthly Payment $ 120.00 54 12 187.99
18 24 30 2651.19
36 42 54 60
(Needs to be greater than the interest-only payment) 60 Months to Payoff
174.51 2970.71

Months to Payoff 112.62 3500

2,971
3000 2,651
(9.38 years)

Total Interest
2500
Total Interest $ 6,013.95 2000 1,728
2,030

1,432
1500 1,142
1000 859
581
B. Calculate Monthly Payment 500
Payoff Goal (Months) 36 0
12 18 24 30 36 42 54 60
(3 years)
Months to Payoff

Monthly Payment $ 256.33

Total Interest $ 1,727.96

Caution: Results are only estimates. Interest rates may vary, values may be
off due to rounding, and the calculator does not take into account late fees,
cash advances, or additional charges to the account.

http://www.vertex42.com/Calculators/credit-card-payoff-calculator.html © 2008 Vertex42 LLC

 © 2008-2019 Vertex42 LLC

$800
$700 673
Monthly Payment

$600
$500 464

$400 360
298
$300 256
227
188 175
$200
$100
$0
12 18 24 30 36 42 54 60
Months to Payoff

3500
2,971
3000 2,651
Total Interest

2500
2,030
2000 1,728
1,432
1500 1,142
1000 859
581
500
0
12 18 24 30 36 42 54 60
Months to Payoff

[42]

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HELP
https://www.vertex42.com/Calculators/credit-card-payoff-calculator.html

About This Template

Additional Details
Additional Help

Related Templates and Resources

ps://www.vertex42.com/Calculators/credit-card-payoff-calculator.html

bout This Template

How long will it take to completely pay off the balance of a credit card at the current interest
rate?

Enter your current balance and interest rate. Then, enter a monthly payment to calculate how
many months it will take to pay off the credit card, or enter the payoff goal to calculate what
your monthly payment must be to meet that goal.

The calculator assumes a constant interest rate, and it does not take into account any late
fees, future charges, or cash advances.

dditional Details

Interest Rate: Unless you know otherwise, enter the APR (Annual Percentage Rate). Most
APR's will fluctuate over time, and can be affected by late payments and other factors, but this
calculator just assumes a fixed rate.

Interest-Only Payment: This does not necessarily represent the minimum monthly payment
that your credit card company requires. This interest-only payment represents that amount
that you must exceed in order to pay off your card. If you only pay interest, you will never pay
off the balance.

Monthly Payment: When calculating the months to payoff, enter the amount that you
currently pay or plan to pay per month. The amount must be greater than the interest-only
payment, or you won't be able to pay off the credit balance. Part of the monthly payment will
go towards paying the interest due, and the other part goes towards reducing the balance.

When calculating the monthly payment, this is the estimated payment that you would need to
make each month in order to reach your goal. It is only an estimate, because it does not
include fees, future charges, cash advances, or changes in the APR.

Payoff Goal (Months): When calculating the monthly payment, enter the number of months
when you want to have your credit card balance completely paid off. The calculator will
determine the monthly payment required to reach this goal, assuming no late fees, or other
charges.

Total Interest: The estimate of the total interest that will be paid by the time the balance is
paid off.
dditional Help
The link at the top of this worksheet will take you to the web page on vertex42.com that talks
about this template.

elated Templates and Resources

► Debt Reduction Calculator

► More Financial Calculators

© 2008-2019 Vertex42 LLC
Credit Card Payoff Calculator

By Vertex42.com
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© 2008-2019 Vertex42 LLC

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