Find the fixed monthly payment that clears a credit card balance by a target date and the interest it costs, to compare with paying only the minimum.
Use this calculator to turn a card balance into a payoff plan with an end date. Enter the balance, the card's interest rate and the number of years you want to take. It returns the fixed monthly payment that clears the balance, assuming you stop adding new charges to it.
How it works. The payment is P × r / (1 − (1 + r)^−n), where P is the balance, r is the annual rate divided by 12 and n is the number of months. Card issuers usually calculate interest daily, so real figures differ slightly.
Worked example (illustrative). A $3,000 balance at 20.99% needs about $154.14 a month to clear in 2 years, with about $699 of interest. Over 1 year it needs about $279.33 and costs about $352. Compare that with the minimum payment path: at a minimum of 3% of the balance (at least $10), the same $3,000 would take about 18 years and cost about $3,750 in interest. Your statement must show an estimate of the minimum-only payoff time; see the minimum payment worked example.
Limits. The tool assumes one rate and no new purchases. If you keep using the card, pay the new purchases in full each month on top of the plan payment, or the plan will not finish on time. If the payment is unaffordable, a non-profit credit counsellor can help. Rates are illustrative.
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