Credit Card Debt Payoff Calculator

This calculator lets you figure out how much money you can save, and how much sooner you will pay off your debt, as you change how much you are paying each month. You can enter a monthly amount to pay or select to pay the minimum amount. You can also add one-time payments in certain months (like in that month you plan on winning the lottery).

CLICK HERE to GET YOUR OWN COPY of this spreadsheet which you can edit and use to plan how to end your credit card debt!

Credit Card Debt Payoff Calculator

Simple Setup...

This is the simplest calculator to use - but it provides tremendous value!

  • Start by entering the name of your credit card account and the MONTHLY amount you expect to pay.

  • Enter the Current Balance Owed, the Interest Rate and first monthly payment. The other monthly payments will use the monthly amount above if you entered it.

  • Enter any ADDITIONAL PAYMENTS you plan to make to see how that might impact your interest paid and the final payoff date (assuming you stop buying stuff!!).

Calculated Results...

The main power of this calculator is both in the calculation of the final answer (total paid amount including interest) and the calculation of the time needed to pay it off. This is presented at the top of the calculator in an easy to understand visual display as shown in the image here.

The Full Payment Schedule...

The secondary power of this calculator is the ability to see your complete payment schedule through the time the credit card is paid off. You can use this table to understand all your charges, and to try out different pay off scenarios by adding extra payments at any payment date.

Credit Card Debt Payoff Calculator

This is a full view of the main spreadsheet calculation area, including your inputs of the credit card terms, the monthly payment schedule, and the summary calculations of total amount paid and time to full payoff.

In this image, you can see one example of $5,000 being paid off over more than 4 years, costing $8,983 ! What if you paid off more earlier? How much would you save? Find out by using this calculator!