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Enter your total debt, average APR and desired payoff time above to see your estimated payment.
Estimated Fixed Monthly Payment $0 per month
Estimated Total Interest $0
Estimated Total Paid $0
Your estimated payoff details will appear here.
Month-by-Month Breakdown

Estimated Amortization Schedule

Month Beginning Balance Payment Interest Principal Ending Balance

This schedule is an estimate. Actual credit card interest calculations, statement dates, fees, daily periodic rates and payment posting dates may cause actual results to differ.

Calculator disclaimer: Results are estimates for educational purposes only. Calculations assume the APR remains constant, the same fixed monthly payment is made every month, payments are made on time and no additional purchases, cash advances, fees or other charges are added to the accounts. Actual creditor balances, interest calculations, minimum payment requirements and payoff dates may vary.
Why the Payment Matters

Your Credit Card APR Can Make a Big Difference

Credit card interest can make it difficult to reach a debt-free goal, even when you are making payments every month. The higher your average APR, the more of each payment may initially go toward interest instead of reducing your principal balance.

This debt-free calculator works backward from your goal. Instead of asking how long your current payment will take, it estimates the fixed monthly payment needed to pay your selected credit card debt down to approximately $0 within the number of months you choose.

If the payment required to reach your goal is higher than you expected, nonprofit credit counseling can help you review your balances, interest rates, payments and other repayment options.

Debt free calculator for estimating monthly credit card debt payments
How It Works

How the Debt Free Calculator Works

The calculator uses three pieces of information to estimate the fixed monthly payment required to reach your desired payoff goal.

1

Enter Your Total Credit Card Debt

Add together the balances of the credit cards you want included in your payoff estimate.

2

Enter Your Average APR

Enter an estimated average annual percentage rate across the credit cards included in the calculation.

3

Choose Your Debt-Free Time

Select the number of months in which you would like to reach approximately a $0 balance.

Higher Than You Expected?

Your Current Interest Rates May Be Making Your Goal Harder to Reach

If the monthly payment needed to reach your debt-free goal feels unaffordable, you may have other options. A nonprofit DebtWave credit counselor can review your credit card balances, interest rates, payments, income and expenses and help you understand whether a Debt Management Program or another repayment strategy may be appropriate.

Depending on your creditors and financial situation, a Debt Management Program may provide creditor concessions such as reduced interest rates that could make repayment more manageable.

Free consultation. No new loan. No obligation to enroll.

Book an Appointment Get Help Online Call 888-686-4040
Understanding the Calculation

Why a Fixed Monthly Payment Can Help You Pay Debt Down Faster

As a credit card balance decreases, the minimum payment required by the creditor may also decrease. If you continually reduce your payment along with the minimum, it can take considerably longer to pay the balance off.

This calculator assumes that you continue making the same fixed monthly payment throughout the estimated payoff period. As the balance falls and less interest accrues, more of that fixed payment can be applied toward principal.

Common Questions

Debt Free Calculator FAQs

How is the monthly payment calculated?
The calculator uses your total balance, average APR and selected number of payoff months to estimate the fixed monthly payment required to amortize the balance to approximately $0.
What if my credit cards have different interest rates?
Use your best estimate of the average APR across the balances you want included. Because individual creditors may calculate interest differently, the result should be treated as an estimate rather than an exact payoff schedule for each account.
Why does the amount going toward principal increase over time?
With a fixed payment and a declining balance, the estimated amount of interest charged each month decreases. That allows a larger portion of the same monthly payment to be applied toward principal.
What happens if I continue using my credit cards?
New purchases, cash advances or fees increase your balance and can extend the payoff period or increase the monthly payment required to reach your original debt-free goal.
What if the estimated monthly payment is too high?
A nonprofit credit counselor can review your complete financial situation and explain repayment options that may be available. Depending on your creditors and circumstances, a Debt Management Program may include creditor concessions such as reduced interest rates.
Is a Debt Management Program a new loan?
No. A traditional Debt Management Program does not replace your credit card balances with a new loan. Participating debts are generally repaid through a structured monthly payment under the creditor terms available through the program.