| Instructions |
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| Help |
© 2008 Vertex42 LLC |
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How long will it take to completely pay off the balance of a credit card at the current interest rate? |
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Enter your current balance and interest rate. Then, enter a monthly payment to calculate how many months it will take to pay off the credit card, or enter the payoff goal to calculate what your monthly payment must be to meet that goal. |
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The calculator assumes a constant interest rate, and it does not take into account any late fees, future charges, or cash advances. |
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| Interest Rate |
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Unless you know otherwise, enter the APR (Annual Percentage Rate). Most APR's will fluxuate over time, and can be affected by late payments and other factors, but this calculator just assumes a fixed rate. |
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| Interest-Only Payment |
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This does not necessarily represent the minimum monthly payment that your credit card company requires. This interest-only payment represents that amount that you must exceed in order to pay off your card. If you only pay interest, you will never pay off the balance. |
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| Monthly Payment |
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When calculating the months to payoff, enter the amount that you currently pay or plan to pay per month. The amount must be greater than the interest-only payment, or you won't be able to pay off the credit balance. Part of the monthly payment will go towards paying the interest due, and the other part goes towards reducing the balance. |
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When calculating the monthly payment, this is the estimated payment that you would need to make each month in order to reach your goal. It is only an estimate, because it does not include fees, future charges, cash advances, or changes in the APR. |
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| Payoff Goal (Months) |
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When calculating the monthly payment, enter the number of months when you want to have your credit card balance completely paid off. The calculator will determine the monthly payment required to reach this goal, assuming no late fees, or other charges. |
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| Total Interest |
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The estimate of the total interest that will be paid by the time the balance is paid off. |
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