Credit Card Payoff Calculator: See Your Debt-Free Date
This credit card payoff calculator can help you figure out your payment strategy.
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You can probably pay off your credit card debt on your own — but why not get a little help along the way?
That's what this credit card payoff calculator is for. Put in your debts, interest rates and monthly payments, and this free tool will show you when you'll be debt-free. Then, see how much sooner you can be out of debt by making extra payments or by using different payment strategies.
Credit card debt payoff calculator
Enter the account name and balance for your various debts. You can use this for only credit card debt, or add other debts like student loans and medical bills for a complete picture.
Put in interest rates and minimum monthly payments. You can find your credit card interest rates and minimum payments on your statements.
Understanding your results
You can adjust your monthly payments and pick different payment strategies to see the difference in your debt-free date, your interest and total costs.
Could you find extra money to put toward your debt payments?
Make a budget to determine whether you have extra money to add to the minimum payments. That money will accelerate your debt payoff. Use the sliding scale to adjust how much extra money you’ll put toward your debt.
Payoff order
Toggle between the debt snowball and debt avalanche methods to see the difference in interest you’d pay.
Total monthly payment
You’ll see your current minimum monthly payments and your new monthly payments with the extra money.
Total interest
This is how much interest you’d pay over the course of your debt payoff. Look at the difference in interest between your current plan and the new plan.
Debt-free date
This is the month you’ll be debt-free. The more you pay monthly, the faster you’ll be out of debt.
Debt payoff order
You’ll see a list of your accounts with principal, total interest and a debt-free date under your current minimum payments and new plan with the extra money toward your debt. This could change depending on the payoff method of debt avalanche or debt snowball.
When will you be debt-free?
Check out NerdWallet’s three-step guide to help you get out of debt.
How to handle credit card debt
The best way to manage your credit card debt depends on how much you have, and how your debt stacks up to your income.
The following debt-to-income ratio categories can help you determine how best to handle your debt:
