Credit Card Payoff Calculator
Thinkforu.org Credit Card Payoff Calculator
Plan your debt-free future with our advanced calculator
Payoff Date
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Total Interest
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Total Payments
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Payment Schedule
| Payment # | Date | Payment | Principal | Interest | Remaining |
|---|
User Guide
How to Use This Calculator
- Enter your current credit card balance
- Input your card's APR (Annual Percentage Rate)
- Set your planned monthly payment amount
- Add any extra monthly payments (optional)
- Click "Calculate Payoff Plan" to see your results
Example Scenario
Let's say you have:
- Credit card balance: $5,000
- APR: 18.9%
- Monthly payment: $200
- Extra monthly payment: $50
This calculator will show you exactly how long it will take to become debt-free and how much interest you'll save by making extra payments.
Frequently Asked Questions
How is the interest calculated?
Interest is calculated daily based on your APR divided by 365 days, then multiplied by your current balance.
Why make extra payments?
Extra payments reduce your principal balance faster, leading to less interest paid overall and a quicker payoff date.
What's the minimum payment I should make?
Most credit cards require a minimum payment of 2-4% of the balance or $25-35, whichever is greater.
Can I save my calculation results?
Yes! You can download your payment schedule in PDF, CSV, or Excel format for future reference.