Credit Card Payoff Calculator

There are two common credit card payoff strategies. The first is to plow all your extra cash into the highest-interest card while paying the minimums on the others — which is the fastest way, overall, to lower your debt.

Credit Card Payoff calculator template

To pay off your debt in a year, you first need to figure out what your monthly payment should be to reach that goal.


Most credit card calculators create a repayment plan with your highest interest rate debts getting paid off first. With this calculator, you can enter up to 20 credit cards, their balances, interest rate, any promotional rate and its expiration months, and your minimum payment. You can then choose whether to pay off your debts in order of highest interest rate first or lowest balance first.

Credit Card Payoff calculator

Gather the most recent statement for each debt – such as credit cards, car and boat loans, and home equity loans – you want to include in your payment plan.

Find the following items on your statements:

Interest rate
Current balance
Minimum monthly payment

Using The Right Credit Card Payoff Calculator

This calculator displays your total credit card balance, total minimum payments, and creates a repayment schedule based on your repayment strategy. The repayment schedule shows each credit card and the monthly payment you’ll need to make until each credit card is repaid. You can also download a spreadsheet of your repayment plan for future reference.

Credit Card Payoff calculator Worksheet

Has a Credit Card Payoff Calculator that lets you enter your balance, interest rate and monthly payment and will show you how long it will take to pay off your debt at that rate.

A simple credit card payoff calculator lets you quickly get the repayment period for one credit card. Enter your credit card balance and interest rate. You can enter your monthly payment amount to determine when you’ll be debt free. Or, you can enter a debt-free time period to determine the monthly payment necessary to pay off your debt by that time.

debt snowball spreadsheet

The key is to automate your payments. Log on to your account online and set up recurring payments in the amount needed to pay off your balance as fast – yet affordable — as possible. Your credit-card statement will list the monthly payment needed to pay down your debt in three years. So you can use that amount if a one-year time frame is unrealistic. Then put your cards away so you can’t use them and rack up more debt.

Know Your Credit Card Situation

Calculate your income: This should include income from all sources, including your paycheck and interest from any investment.

debt snowball spreadsheet input

Once the first card is paid off, you have even more extra cash, and should apply it to the card with the next-highest rate, and so on, creating a debt payoff snowball effect. A second strategy is to pay off your card with the lowest balance first while continuing to pay the minimums on the others. Though this is not the most cost-effective way to banish your debt, it’s the fastest way to eliminate debt on a single card, and it can be a psychological boost to eliminate a bill for good.