5 Best Credit Card Payoff Calculators

Online Credit Card Debt Repayment Calculators

If you have credit card debt, a credit card payoff calculator can tell you how long it will take you to pay off the debt or how much you need to fork over to pay down your debt faster. These calculators let you input details about your debt like current balance, annual interest rate, and current monthly payment, and spit out the recommended monthly payment you need to make to meet your goals.

Using the information provided by these calculators, you can devise your own debt repayment plan. Or, you might find out that your debt is difficult to manage on your own, in which case you might benefit from talking to a credit counselor at a non-profit credit counseling organization.

An online credit card debt repayment calculator can give you some insight into your revolving debt. For a deeper look at all of your debt, and how to deal with it, consider more robust debt reduction software packages.

While there are multiple online credit card payoff calculators, not all calculators are created equal. Some are easier to use than others and offer more accurate results. Crunch the numbers using one of these five top credit card calculators to start paying down your debt.

CNN Money Debt-Free Planner

A calculator and credit card statements
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This online credit card payoff calculator from CNN Money tells you when you can expect to be free from debt.

First, give the debt a name. Enter the credit card balance, annual interest rate, and monthly payment in the designated boxes, and then click "Calculate."

The handy tool calculates the interest accrued in a month, adds that amount to what you owed in the previous month, and subtracts your monthly payment to get the new amount you owe. It repeats this process until your balance is $0 and spits out the month and year when you will be debt-free along with the total interest you will pay.

The list accommodates up to 10 credit cards. If you have multiple debts, your debt-free date is based on the debt that will take the longest to repay.

Bankrate Credit Card Payoff Calculator

Bankrate.com’s credit card calculator compiles a personalized debt-repayment plan for a single credit card.

Enter your credit card balance and annual interest rate. Then, enter either your monthly payment amount or the desired payoff period, in months.

The calculator will tell you how much need you to pay each month to become debt-free within the desired repayment period or how long it will take to pay off your debt.

In addition, this online credit card payoff calculator allows you to compare your results with what your repayment plan might look like if you had a personal loan or a balance transfer credit card. This option can help you identify whether one of those options would reduce your monthly payments or change the repayment period to make payments more manageable.

Money-Zine.com Debt Reduction Calculator

Money-Zine.com’s credit card payoff calculator shows you how much money you can save by increasing your debt payments on a credit card or another line of revolving credit.

Just enter the total debt you owe, the annual interest rate (use an average if you have multiple credit card debts), your current monthly payment, and any extra dollars you may want to add to your payment each month.

The calculator crunches the numbers and generates the following details that can help you establish a repayment plan:

  • How many months it will take to pay off the debt with your current payment
  • The number of months it will take to become debt-free if you make extra payments
  • The number of months you will 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 repayment plans are based on the avalanche method, which prioritizes paying debts with the highest interest rates first. However, it can be difficult to motivate yourself to pay those high-interest debts, which can derail your repayment plan. This is why some consumers prefer to pay off smaller debts before larger ones. This is known as the snowball method because you gradually move from smaller to larger debts over time.

This credit card calculator from WhatstheCost.com grants you the option to pay off debts using the snowball approach. Enter up to 20 credit cards, their balances, interest rate, any promotional rate and its expiration months, and your minimum payment into the credit card payoff calculator. You can also choose whether to pay off your debts in order of decreasing interest rate (avalanche approach) or increasing balance (snowball method).

Whichever method you choose, the calculator lets you know the benefits (and costs) of paying your debts via the chosen way versus the other way. It will also explain whether you would benefit from consolidating your loan, which is when you combine multiple debts into a single monthly payment.

The debt avalanche approach generally saves you the most money in interest over time because the more you pay in finance charges, the more you'll pay in total costs. But the snowball method can make payments more manageable if paying high-interest debts first overwhelms you.

CreditCards.com Payoff Calculator

Use CreditCards.com's user-friendly repayment calculator to determine how long it will take and how much you will need to pay each month to become debt-free. The card requires only four data points and lets you enter information for one credit card.

Enter the current credit card balance and interest rate, choose a card issuer, and use the slider (or text box) to specify the desired monthly payment.

The credit card payoff calculator will show you both the payoff time, the estimated payoff date, and the total interest charges. You can also view an amortization table detailing the payoff schedule.