Credit Card Payment Calculator
Calculate the fixed monthly payment needed to clear your credit card debt within a target timeline (12, 18, 24, or 36 months).
Credit Card Fixed Payoff Formula
PMT = Balance × [ r(1 + r)^n ] / [ (1 + r)^n − 1 ] | Total Paid = PMT × n | Total Interest = Total Paid − Balance- Balance: Current revolving balance on credit card.
- r: Monthly interest rate (APR / 100 / 12).
- n: Target payoff duration in months.
Step-by-Step Worked Example
Calculation Steps:
How to Use This Calculator
Assumptions & Limitations
- Assumes no additional purchases are charged to the card while paying off the existing balance.
Frequently Asked Questions
Why is a fixed payment plan better than paying the minimum?
Minimum payments decrease as your balance falls, stretching payoff times over 15 to 25 years. A fixed payment maintains steady principal reduction, clearing debt in a fraction of the time.
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