Credit Card Payoff Calculator

Find Out How Quickly You Can Pay Your Credit Card Balance With Our Payoff Calculator.

Your Result

Principal Amount
$0
Interest Paid
$0
Monthly Payment
$0
Months to payoff
0
APR
0

Based on the information provided

Total Amount Paid

$33,988

What's your goal?

I want to lower my monthly payment and interest rate

Compare your results to a credit card consolidation loan
Principal Amount
$0
Interest Paid
$0
Monthly Payment
$0
Months to payoff
0
APR
0

I want to pay off my balance as fast as possible

Compare your results to a balance transfer credit card
Principal Amount
$0 ?
Interest Paid
$0
Monthly Payment
$0
Months to payoff
0
APR
0

Based on the above example

Total Amount Paid

$25,000

Credit Card Payoff Calculator

Credit card debt is very prevalent in the U.S. with an estimated 70 million Americans carrying debt month to month, for a total of $687 billion in credit card debt. If you’re one of the debt-burdened Americans, perhaps you’ve struggled to find a payment plan that allows you to pay down your credit card balances. Our calculator creates a personalized debt payoff plan that can help you get out of debt faster than if you continued with your current payment habit.

Credit Card Consolidation Loans

A credit card consolidation loan (aka debt consolidation loan) is a personal loan you use to pay off credit card debt. You receive a fixed amount of money that you must repay over a fixed amount of time and at a fixed interest rate. After opening the loan, you’ll make fixed monthly payments toward the amount you borrowed for the fixed time period.

Qualifications

Credit card consolidation loans have flexible requirements, with many accepting applicants with less-than-perfect credit. While it may not be required to have a good or excellent credit score, you should know that a poor credit score may mean you’ll have to pay a higher interest rate.

Pros & Cons

Pros
  • Fixed payments: Each month, you have a fixed amount to pay to cover your loan, so you know how much money to set aside.
  • Better approval odds: Credit card consolidation loans may accept people with poor credit — but expect to receive higher interest rates.
  • Potential to save money: If you qualify for a credit card consolidation loan with a lower interest rate than your credit cards, you can save some money on interest payments.
Cons
  • Origination fee: Also known as an upfront fee, this is nonrefundable and may be deducted from your total loan amount prior to receiving your loan. Note: There are some loans that don’t have origination fees.
  • Interest rates vary by credit score: Unfortunately, if you’re someone with bad or fair credit, you’ll qualify for higher rates than someone with good or excellent credit.

Who's best for a credit card consolidation loan?

If you don’t have the best credit and may have had trouble being approved for alternative debt consolidation options like balance transfer credit cards, a credit card consolidation loan can be a good option. Following the payoff plan generated by our calculator can help you get out of debt and save money.

Balance transfer credit card

A balance transfer credit card offers a low- or 0%-APR intro period where you won’t be charged interest on transferred balances for a given time period. Transfer periods can be as long as 21 months but often incur a balance transfer fee, which is a percentage of the total amount you transfer.

Qualifications

Balance transfer credit cards are typically reserved for people with good or excellent credit. If you have anything less than that, you will find it hard to qualify for a balance transfer card.

Pros & Cons

Pros
  • Get out of debt faster: If you use your balance transfer card responsibly and make frequent, sizeable payments, you can get out of debt faster than making payments to debt on high-interest credit cards.
  • Save on interest payments: Most balance transfer cards have 0% APR intro periods that can save you a lot of money compared with keeping debt on high-interest credit cards.
  • Consolidate debt: If you have debt on several cards and transfer them to one balance transfer card, all your payments are rolled into one. You don’t have to deal with making several payments at different times during the month.
Cons
  • Balance transfer fee: This fee is usually 3%-5% of the total amount you transfer; however, it’s often outweighed by the amount you save on interest. There are also no-fee balance transfer fee cards available.
  • Transfer amount limits: The total amount of your transfer can’t exceed your available credit limit, including any fees. And some cards may restrict your transfer to a certain amount or percentage of your credit limit.
  • Transfer window: Transfers typically need to be done within the first 60 days from account opening. Some cards may have shorter or longer windows.
  • Can’t transfer debt between cards from the same bank: If you have debt on a card from Bank A, you can’t transfer it to another card from Bank A.

Who's best for a balance transfer?

If you’re someone with good or excellent credit who currently has debt on one or more high-interest credit cards, a balance transfer can be a great way to save money and get out of debt. All of your payments will go toward paying your principal balance instead of toward interest charges and principal. And by sticking to the payoff plan you get from our calculator, you can get out of debt sooner and be on your way to a debt-free life.

Do you have a question?