Credit Card Payoff Calculator Free · Calc Pro
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Coming soonSee how long your credit card balance will take to clear, and what it costs you in interest, at the payment you can afford. Or pick a number of months and let Calc Pro work out the payment that gets you there.
How to use the Credit Card Payoff Calculator
- 1Tap Balance and enter what you owe.
- 2Press ↓ and enter the card's APR (19.99 for 19.99%) and your Monthly Payment.
- 3Tap Months to Pay Off and press Calc to see how long it takes, the Total Interest and the Total Paid.
- 4To find the payment instead, enter the months you want in Months to Pay Off, tap Monthly Payment and press Calc.
How the payoff is calculated
Each month Calc Pro adds interest at the APR ÷ 12, subtracts your payment, and repeats until the balance reaches zero. The number of months it takes is your payoff time, and the interest added along the way is your total interest.
Payment comparison for a $5,000 balance at 19.99%
| Monthly payment | Months to pay off | Total interest |
|---|---|---|
| $150 | 50 | $2,357.06 |
| $250 | 25 | $1,132.29 |
Ways to pay it off faster
- Pay more than the minimum. Minimum payments are set low, so most of each one goes to interest.
- Target the highest APR first if you have several cards.
- Stop adding to the balance while you pay it down, or the payoff date keeps moving.
Frequently Asked Questions
How is credit card interest calculated?
Most cards charge interest monthly at the APR ÷ 12 on the balance you carry. At 19.99% APR that's about 1.67% a month, so a $5,000 balance costs roughly $83 in the first month.
What if my payment is too small?
If the payment doesn't cover the monthly interest, the balance never goes down. Calc Pro shows Months to Pay Off as Never.
Does paying more each month really help?
Yes, a lot. Every extra dollar goes to the balance, which cuts next month's interest too. In the example, raising the payment from $150 to $250 halves the time and saves $1,224.77.
Is the Credit Card worksheet free?
It's free to use here in your browser. In the iPhone and iPad app it's part of Pro Premium.
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Take the Credit Card Payoff Calculator with you
In Calc Pro for iPhone and iPad, the Credit Card Payoff Calculator is part of Pro Premium, which unlocks all 23 financial worksheets and every calculator in the app.
Coming soonFree with ads · In-app purchase unlocks the full Pro Premium version
See what the app can do