5 Best Credit Card Payoff Calculators

Online credit card debt repayment calculators

If you want to know how long it will take you to pay off your credit card debt—or how much you need to fork out to pay down your debt faster—a credit card payoff calculator is what you need. While there are literally thousands of online calculators, not all calculators are created equal. Some are easier to use than others and offer more accurate results. Here's a list of five of the best credit card payoff calculators on the web.

CNN Money's Debt Reduction Planner

A calculator and credit card statements
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CNN and Money couldn't make it easier. Simply enter your credit card balance, interest rate, and monthly payment. Then, choose whether you want to pay off your debt making the minimum payments, fixed payments, or by a certain date. The list accommodates up to eight credit cards. If you choose the minimum-only payment option, the result tells you how long it will take to pay off your credit cards and how much interest and principal you will ultimately pay.

The fixed payment option tells you how much longer it will take to pay off your debt based on the fixed payment you enter. If you enter a debt-free deadline, the calculator lets you know how much you have to pay each month to meet that timeline. The fixed payment and debt-free deadline options create a detailed repayment plan.

Bankrate's Credit Card Payoff Calculator

Bankrate.com’s simple credit card calculator lets you quickly get the repayment period for one credit card. Enter your credit card balance and interest rate. You can enter your monthly payment amount to determine when you'll be debt free. Or, you can enter a debt-free time period to determine the monthly payment necessary to pay off your debt by that time.

Money-Zine.com's Debt Repayment Calculator

Money-Zine.com’s credit card debt repayment calculator shows you how much money you save by increasing your debt payments. Just enter your total debt owed, interest rate (use an average if you have multiple debts), current monthly payment, and additional monthly payment.

The calculator tells you the following things:

  • How many months it will take to pay off the debt with your current payment
  • How much to pay off at the increased payment
  • The number of months you save if you make extra payments
  • The total amount you’d pay at the current payment amount
  • The total amount you’d pay with increased payments
  • The amount you’d save making extra payments

WhatstheCost.com Debt Snowball Calculator

Most credit card calculators create a repayment plan with your highest interest rate debts getting paid off first. With this calculator, you can enter up to 20 credit cards, their balances, interest rate, any promotional rate and its expiration months, and your minimum payment. You can then choose whether to pay off your debts in order of highest interest rate first or lowest balance first.

A lot of people believe that paying off the smallest balance debt first is best because debtors become motivated when they knock out some debt right away. Whichever method you choose, the calculator lets you know the costs (and benefits) of paying your debts the other way.

Credit Card Finder's Credit Card Repayment Calculator

Using MyCreditCardFinder.com you can enter up to nine credit cards, their balance, interest rate, and current minimum payment. You can also enter any additional monthly payment you're able to pay. You have three repayment strategy options: either paying the highest interest rate debt first, the lowest balance first, or you can create the order however you want.

This calculator displays your total credit card balance, total minimum payments, and creates a repayment schedule based on your repayment strategy. The repayment schedule shows each credit card and the monthly payment you'll need to make until each credit card is repaid. You can also download a spreadsheet of your repayment plan for future reference.