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Credit card payoff calculator
Add each card's balance, APR and minimum payment to see exactly when you'll be card-debt free. Enter your debts and how much extra you can pay each month. See your debt-free date and how much interest the snowball and avalanche methods save, free.
Why minimum payments take so long
Card minimums are usually around 1–3% of the balance plus interest, so most of each payment goes to interest at first. That's why a few thousand dollars can take many years to clear. Even a modest fixed extra payment shortens that dramatically; the calculator shows by how much.
Which card to pay first
Avalanche (highest APR first) saves the most interest; snowball (smallest balance first) gets cards to zero faster. Both keep paying every minimum so nothing goes late.
Keep the plan working
Stop adding new charges to the cards you're paying down, set the total payment to come out automatically, and re-run the plan when a balance or rate changes.
Questions
How is interest calculated here?
Each month the card's APR ÷ 12 is applied to the balance carried, then payments are subtracted. Real card statements use daily balances, so actual figures can differ slightly.
Should I close cards after paying them off?
That's a personal decision; closing old accounts can affect credit utilization and history. This calculator only plans the payoff.
What about a balance transfer?
Enter the transferred balance with its promotional rate, and run the plan again with the post-promotion rate to compare.
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