Credit Card Payoff Calculator
A very useful personal finance calculator for finding out how long it will take to pay off a Credit card given your current balance. Just input how much you pay each month, your current balance and the credit company’s interest rate and the calculator will tell you how long it will take for the credit card to be completely paid off.
Examples:
Credit Card Balance = £400
Interest Rate (APR) = 5%
Payment per month = £40
It would take 10 Months and 7 Days to pay off the Credit Card, paying £409.42 in total.
The calculator can also tell you the reverse of that: got a specific time frame in mind? This calculator can tell you how much you would need to pay each month in order to pay off the credit card in time, just input your desired time to have it paid off by; your current credit card balance and the credit company’s interest rate and the calculator will do the rest.
Examples:
Credit Card Balance = £1200
Interest Rate (APR) = 13%
You want to pay off the credit card in 6 Months.
You would need to pay £207.65 per Month, paying a total of £1245.91.