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Calculator: What Will It Take to Pay Off My Balance?






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Calculator: What Will It Take to Pay Off My Balance?




















Credit card balances sometimes seem to take on a life of their own.

If you’ve wondered how a habit of paying only the minimum due each month affects you, check out
this calculator. Or use the calculator to help you determine how much better off you’d be with a
lower-rate credit card from the credit union.






  


    
Current balance
      
$

    

    
Future monthly charges
      
$

    

    
Future monthly payments
      
$

    

    
Goal: Months until payoff
      


    

    
Annual fee
      
$

    

    
Annual rate
      


    

   






  


If you want to pay off your balance of $ in months,

stop making charges to your card and make a monthly payment of

 $. (If you continue to make charges, notice the effect on your calculations—and on your budget!)

Otherwise, at your current payment of $,

you will pay off your balance in   months.




This calculator is solely for informational purposes and provides reasonably
accurate results; the calculations are not intended to be relied upon as actual credit payment
computations. 






Published April  4, 2000, Reviewed March 21, 2011

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