💳 Credit Card Payment Calculator
Calculate required payment to pay off balance
How many months to pay off the balance
How to Use This Calculator
Enter Credit Card Balance
Input your current credit card balance - the amount you want to pay off.
Enter APR
Enter your credit card's Annual Percentage Rate (APR). This affects how much you need to pay each month.
Enter Target Payoff Time
Enter how many months you want to pay off the balance in. The calculator will show you the required monthly payment to achieve this goal.
Review Required Payment
See the monthly payment amount needed to pay off your balance in the target time frame, along with total interest and total amount paid.
Formula
Monthly Payment = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ - 1]
Where:
• P = Principal (Balance)
• r = Monthly interest rate (APR ÷ 12)
• n = Number of months
Example Calculation:
If balance is $5,000, APR 18%, target 24 months:
• Monthly rate = 18% ÷ 12 = 1.5% = 0.015
• Payment = $5,000 × [0.015(1.015)²⁴] / [(1.015)²⁴ - 1]
• Payment = $5,000 × 0.0499 / 0.4295
• Required payment = $248.66/month
• Total paid = $248.66 × 24 = $5,968
• Total interest = $968
About Credit Card Payment Calculator
A credit card payment calculator helps you determine the monthly payment needed to pay off your credit card balance within a specific time frame. This is useful for planning debt payoff, setting payment goals, and understanding how payment amounts affect payoff timelines. By entering your balance, APR, and target payoff time, the calculator shows you exactly how much you need to pay each month to achieve your goal.
When to Use This Calculator
- Debt Payoff Planning: Plan how much to pay to meet payoff goals
- Budget Planning: Determine if you can afford the required payment
- Goal Setting: Set realistic payoff timelines and payment amounts
- Payment Comparison: Compare required payment to minimum payment
Understanding Payment Calculations
- Amortization Formula: Uses standard loan amortization formula
- Interest Included: Payment includes both principal and interest
- Fixed Payment: Payment amount stays the same each month
- Payoff Time: Shorter timeframes require higher payments
Why Use Our Calculator?
- ✅ Goal Planning: Plan payments to meet payoff goals
- ✅ Payment Amount: See exact payment needed
- ✅ Interest Analysis: Understand total interest costs
- ✅ Budget Planning: Determine if payment is affordable
- ✅ 100% Free: No registration or payment required
Frequently Asked Questions
How much should I pay each month?
The amount depends on your payoff goal. Use this calculator to determine the payment needed to pay off by your target date. Generally, pay as much as you can afford above the minimum payment to reduce interest and payoff time.
What if I can't afford the required payment?
If you can't afford the required payment, consider: extending your payoff timeline, finding ways to increase income, reducing expenses, or exploring debt consolidation or balance transfer options. Even paying more than minimum helps reduce interest.
Should I pay more than the calculated payment?
Yes! Paying more than the calculated payment will pay off your balance faster and save money on interest. Any extra payment directly reduces your principal balance, reducing future interest charges.
Does the payment amount change over time?
The calculated payment is a fixed amount that will pay off the balance in the target time. However, if you pay more or less than the calculated amount, your actual payoff time will change accordingly.