Credit Card Repayment Calculator
How to Use This Calculator
This calculator helps you understand how long it will take to pay off your credit card debt based on your current balance, interest rate, and monthly payment amount.
Understanding Your Results
- Time to Pay Off: How many months or years until your balance reaches zero
- Total Interest: The amount you'll pay in interest charges over the life of the debt
- Total Amount Paid: Your original balance plus all interest charges
- Last Payment: The final payment amount (may be less than your regular payment)
Tips for Faster Repayment
- Pay more than the minimum payment whenever possible
- Consider making bi-weekly payments instead of monthly
- Apply any windfalls (tax refunds, bonuses) to your balance
- Avoid making new charges while paying off the balance
- Consider a balance transfer to a lower APR card if you qualify
Minimum Payment Warning
If your monthly payment is close to or at the minimum payment, it could take decades to pay off your balance and you'll pay significantly more in interest. Even small increases to your monthly payment can save you years and thousands in interest charges.