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

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