Credit card interest & payoff calculator

How long will it take to payoff your credit card with a minimum payment?

Woman agonizing over credit card debtCredit Card Payoff Calculator (the one on the left)

The minimum payment calculator (the one on the left) will tell you how long it will take to payoff your credit card with the minimum payment . . . ouch! Here's how to use the calculator:
1. Enter Current Card Balance
2. Enter the Annual Interest Rate
3. Enter the Current Minimum Payment
4. In the "Fixed Payment You Can Afford To Pay Every Month" box, enter the minimum payment plus the "extra" payment. Click calculate. The screen will provide a comparison of the total interest paid without and with the extra payment each month. If you click on (Switch to Plain English), you will be provided with a layman's explanation. Click on Step 1 at the top to return to the input screen to run another calculation.

Credit Card Payoff Calculator (the one on the right)

The Credit Card Payoff Calculator will tell you how long it will take to payoff your credit card if you shorten the term.
1. Enter Current Card Balance
2. Enter the Annual Interest Rate
3. Enter the Current Monthly Payment
4. Enter the number of months you want to pay on the credit card. Click calculate. The screen will provide a comparison of the total interest paid without and with the extra payment each month.

Perhaps a mortgage refinance is a better option - even if the interest rate is higher than your current rate. After all, does it really matter what the interest rate is on your mortgage? What matters is how much you are paying every month and how soon all the monthly debt is retired.


Credit Card Calculator
Free credit card payoff calculator by Bankrate.com
Minimum Payment Calculator
Free minimum payment calculator by Bankrate.com