How long will it take to pay off my credit card balance if I pay the same amount each month?
If you want to eliminate that credit card balance, you’ll probably want to pay more than the minimum required each month. Enter your credit card balance, interest rate, and the amount you will pay each month and this calculator will show you how much interest you will pay and how long it will take to pay off your credit card. Show the amortization schedule to see the month-by-month payment breakdown.
Title: A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.
Credit Card Balance: Your current outstanding balance on this credit card.
Interest Rate: The current annual interest rate charged for the outstanding balance on this credit card. You may actually have different interest rates for different balance amounts. This could happen if part of your balance came from a cash advance (many credit cards charge a higher interest rate and no grace period for cash advances), or if you made some purchases during a lower percentage promotion period, or maybe you transferred the balance from another credit card for a special low interest rate promotion.
Monthly Payment: The amount you will pay each month. (You will continue to pay this much each month regardless of what your statement shows as the ‘Amount Due’.) You will want to make sure this amount covers your required payment, especially in the early months and with the new 2006 federal government guidelines.
Payoff Time: The number of years and months it will take to pay off this credit card balance. This is the ‘Number of Payments’ expressed in years and months.
Number of Payments: You will make this many payments to pay off this credit card balance.
Total Paid: Total amount of principal + interest you will have paid when this credit card balance is paid off.
Total Interest: Total amount of interest you will have paid to get this credit card balance paid off.
Annual Cost: The amount of money you will pay each year for this loan.