Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card debt and how much interest you’ll pay based on your balance, interest rate, and monthly payment.
Step 1: Credit Card Details
Understanding Credit Card Interest
Credit card interest is calculated daily based on your average daily balance. Paying more than the minimum payment can significantly reduce the time to pay off your debt and the total interest paid.
Step 2: Payment Details
Payment Strategies
Debt Snowball: Pay minimums on all debts, then put extra money toward the smallest balance first. Debt Avalanche: Pay minimums on all debts, then put extra money toward the highest interest rate debt first.
Credit Card Payoff Results
Time to Pay Off Debt
Payment Strategy Comparison
| Payment Strategy | Monthly Payment | Time to Pay Off | Total Interest |
|---|
Payment Schedule (First 12 Months)
How Credit Card Payoff Works
Monthly Interest Calculation
Credit card interest is calculated daily. Each month, your balance is multiplied by your daily periodic rate (APR ÷ 365) for each day in the billing cycle. Making larger payments reduces the principal faster, saving you money on interest.
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