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What Will It Take to Pay Off My Balance?

January 6th, 2016

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.

Provision of this calculator is not an offer of credit. Its use in no way guarantees that credit will be granted. This calculator is solely for informational purposes and provides reasonably accurate estimates; the calculations are not intended to be relied upon as actual loan computations.





 

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