Find out exactly how much to pay each month to eliminate your credit card debt by a specific target date — and see how much interest you will save.
Enter your figures and click Calculate to see your results.
Enter your balance, APR and your target payoff period in months to find the exact monthly payment required.
Press the Calculate button. All results are computed instantly in your browser — no page reload needed.
Your full breakdown appears in the results card. Use Copy to grab the figures or Download to save a text report.
The formula uses the present value of an annuity: PMT = (Balance × Monthly Rate) / (1 - (1 + Monthly Rate)^(-n)), where n is the number of months. This calculator applies this formula automatically.
The avalanche method prioritises paying off the card with the highest interest rate first while making minimum payments on all others. Once the highest-rate card is paid off, you redirect those payments to the next highest. This minimises total interest paid.
The snowball method pays off the smallest balance first regardless of interest rate. Once it is paid, you redirect those payments to the next smallest. It may cost more in interest than the avalanche method but provides motivational wins along the way.
It depends on your balance and APR. On a $3,500 balance at 22.99% APR with $100/month payments, adding $50/month extra can cut the payoff time by over 12 months and save $500+ in interest. Use this calculator to model your exact scenario.
Paying off a card generally improves your credit score because it reduces your credit utilisation ratio (the percentage of available credit you are using). Keeping the account open after payoff maintains your available credit limit, which further helps your score.
If your credit card APR (e.g. 22%) exceeds the return you can earn on savings (e.g. 5%), paying off the card first is the mathematically optimal choice. The guaranteed "return" of eliminating 22% interest beats most investment returns.
Many credit cards offer 0% APR for an introductory period (typically 12–21 months) on purchases, balance transfers or both. No interest accrues during this period. If the balance is not paid in full before the period ends, interest is charged going forward.
Yes. Credit cards have no prepayment penalties. You can pay any amount above the minimum at any time. Paying in full eliminates all interest charges for that statement period.
Credit card minimum payments are intentionally set low — often 1–2% of the balance. This keeps you paying mostly interest with little reduction in principal, extending debt for years and maximising interest revenue for the card issuer.
Yes for store credit cards, which work like regular credit cards with a revolving balance and APR. No for charge cards (like some American Express cards), which require full payment each month and charge no ongoing interest.
