How to use the Credit Cards Payoff Calculator
This tool works out the payment needed to clear card debt by a chosen date.
Open the Credit Cards Payoff Calculator →
What you need to enter
- Total balance ($)
- Average APR (%)
- Months to pay off
The formula
Payment = balance × r ÷ (1 − (1 + r)^−n) with r the monthly rate and n the months you choose.
Worked example
Using the default values in the calculator:
- Total balance ($): 8000
- Average APR (%): 20
- Months to pay off: 24
| Required monthly payment | $407.17 |
| Total interest | $1,771.99 |
Tips for better results
- Pick a realistic deadline you can keep.
- Target the highest-APR card first.
Common mistakes to avoid
- Setting a goal that does not fit your budget.
- Ignoring fees and rate changes.
Please note: Calculators and guides give general estimates, not financial, tax or investment advice. Real offers depend on your lender, location and personal situation. See our Disclaimer.