Estimate how long it will take to pay off your credit card and the total interest you'll pay.
Understanding Your Credit Card Payoff
Paying off credit card debt can feel overwhelming, but understanding the numbers is the first step towards financial freedom. This calculator helps you visualize the impact of your monthly payments on your debt and the total interest you'll accrue.
How Credit Card Interest Works
Credit card interest is typically calculated daily based on your average daily balance. The Annual Percentage Rate (APR) is the yearly interest rate. To find the monthly interest rate, the APR is divided by 12. If you only make the minimum payment, a significant portion of that payment often goes towards interest, leaving very little to reduce your principal balance. This can lead to a long payoff period and substantial interest costs.
The Power of Extra Payments
Even a small extra payment each month can dramatically reduce the time it takes to pay off your credit card and significantly lower the total interest you pay. By paying more than the minimum, you're attacking the principal balance more aggressively, which in turn reduces the amount of interest charged in subsequent months.
Minimum Payment Trap
Credit card companies often set minimum payments that are a small percentage of your outstanding balance (e.g., 1-3%) or a fixed dollar amount (e.g., $25), whichever is greater. While these payments keep your account in good standing, they are often designed to keep you in debt longer, maximizing the interest you pay over time. Our calculator assumes a minimum payment floor of $25, which is common in the industry.
Strategies for Faster Payoff
Debt Snowball Method: Pay the minimum on all cards except the one with the smallest balance, on which you pay as much as possible. Once that card is paid off, roll that payment amount into the next smallest balance.
Debt Avalanche Method: Similar to the snowball, but you prioritize paying off the card with the highest APR first, saving you the most money on interest.
Balance Transfer: If you have good credit, you might qualify for a balance transfer card with a 0% introductory APR. This can give you a window to pay down a significant portion of your principal without accruing interest.
Negotiate Your APR: Call your credit card company and ask if they can lower your interest rate. It never hurts to ask!
Use this calculator to experiment with different extra payment amounts and see how quickly you can become debt-free!
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function calculateCreditCardPayoff() {
var currentBalance = parseFloat(document.getElementById('currentBalance').value);
var cardAPR = parseFloat(document.getElementById('cardAPR').value);
var minPaymentPercentage = parseFloat(document.getElementById('minPaymentPercentage').value);
var extraMonthlyPayment = parseFloat(document.getElementById('extraMonthlyPayment').value);
var resultDiv = document.getElementById('payoffResult');
resultDiv.innerHTML = "; // Clear previous results
// Input validation
if (isNaN(currentBalance) || currentBalance < 0) {
resultDiv.innerHTML = 'Please enter a valid current card balance (non-negative number).';
return;
}
if (isNaN(cardAPR) || cardAPR < 0) {
resultDiv.innerHTML = 'Please enter a valid APR (non-negative number).';
return;
}
if (isNaN(minPaymentPercentage) || minPaymentPercentage < 0) {
resultDiv.innerHTML = 'Please enter a valid minimum payment percentage (non-negative number).';
return;
}
if (isNaN(extraMonthlyPayment) || extraMonthlyPayment 0 && months < maxIterations) {
months++;
var interestForThisMonth = balance * monthlyInterestRate;
totalInterestPaid += interestForThisMonth;
var minPayment = balance * (minPaymentPercentage / 100);
minPayment = Math.max(minPayment, 25); // Assuming a $25 minimum payment floor
var paymentThisMonth = minPayment + extraMonthlyPayment;
if (paymentThisMonth 0) {
// Balance will increase or never be paid off with this payment
balance += interestForThisMonth – paymentThisMonth; // Balance increases
totalAmountPaid += paymentThisMonth;
if (months >= maxIterations) {
break; // Exit loop if max iterations reached and balance is still positive/growing
}
continue; // Go to next month
} else {
// Payment covers interest and some principal
var principalPaidThisMonth = paymentThisMonth – interestForThisMonth;
if (principalPaidThisMonth >= balance) {
// This month pays off the card
totalAmountPaid += balance + interestForThisMonth; // Only pay what's due
balance = 0;
} else {
// Pay down principal
balance -= principalPaidThisMonth;
totalAmountPaid += paymentThisMonth;
}
}
}
if (balance > 0) {
resultDiv.innerHTML = 'With your current payment, the card will not be paid off within 100 years, or the balance will increase.';
} else {
resultDiv.innerHTML =
'It will take ' + months + ' months to pay off your credit card.' +
'Total interest paid: $' + totalInterestPaid.toFixed(2) + '' +
'Total amount paid: $' + totalAmountPaid.toFixed(2) + '';
}
}