Smart planning is the best way to get out of debt. However, in order to plan, you need to understand how long it will take you to pay off your various debts. Credit card debt is one of the largest sources of debt in the country. That’s why we put together this guide to credit card payoff calculators.
There are all different kinds of helpful financial calculators out there. This guide will cover what you should look for in different calculators for credit card payoff. After that, we’ll provide a host of links to different options for calculators. We’ll also cover the benefits and drawbacks of each one. That way you can spend your time wisely and use the best tools to get out of debt fast. You also might want to consider a consolidation loan.
Credit Card Payoff Calculators You Can Try
This section is our list of different credit card payoff calculators. We’ll look at each one for you and explain the positive and negative elements of the tool. That way you don’t have to waste a bunch of time looking at different calculators in an effort to find the one that works best for you.
- U.S. Bank
- Navy Federal Credit Union
- Charles Schwab
- Citizens Bank
Credit Card Payoff Calculators from Financial Specialists
CreditCards.com This is an easy-to-use credit card payoff calculator. You can see how long it will take you to pay off your balance assuming a certain monthly payment. You can also see what your monthly payment will need to be in order to meet a payoff goal. One of the best features of the creditcards.com payoff calculator is that it gives you an amortization table. This lets you see how much of your payment goes to principal an interest each month. It also shows the remaining balance after the payment is made for that month. This makes it useful if you’re planning to get a credit card to make a big purchase and want to see how long it will take you to cover the balance.
Credit.com The Credit.com calculator is very simple. It doesn’t have many features. However, it does let you input multiple credit cards. That makes it useful for people looking for basic information on a payoff for many cards. Another helpful feature is that it shows you the total amount that you’ll pay. As a result, you get the flexibility to tweak different payment amounts on different cards to save the most money overall or to be done with your debt the fastest.
NerdWallet Nerdwallet offers a fairly helpful credit card payoff calculator. You can input multiple credit cards. It also lets you name them so they’re easy to track. The results display how much you’ll pay in interest and principal, along with a payoff date. Then it offers you tools to help you plan a payment strategy. Even better, it incorporates the avalanche and snowball strategies to see what your best option is. This information can be incorporated into NerdWallet’s debt tracking service to give you a complete look at your finances and help you understand what you need to do to reach your goals.
WalletHub Wallet hub has the most basic credit card calculator that we’ve looked at. You tell the calculator if you’re calculating for future or existing debt, your balance, interest rate, and goal. Then it calculates what your payments will need to be in order to meet that goal. The best feature on this calculator is that it can account for variable interest rates. For example, many credit cards offer an introductory rate. WalletHub can take that into account to ensure that your payoff date is accurate.
MoneyChimp The MoneyChimp credit card payoff calculator is incredibly basic. It takes your current debt, interest rate, and monthly payments and tells you how many months it will take you to pay off the card. It also shows you how much interest you’ll pay. That means it’s not as useful in terms of planning how to get out of debt. However, it is useful if you’re interested in figuring out how to save the most money on interest payments. That means it’s a fine choice for some consumers but not right for everyone.
Bankrate Bankrate offers a simple but flexible credit card payoff calculator. You can see how long it will take you to pay off a balance assuming a certain payment per month. You can also see what you’ll need to pay each month to meet a desired payoff goal. This calculator also shows you how much principal and interest you’ll be paying. That means it’s a good tool for people trying to minimize interest payments while still planning a certain payoff date goal.
Credit Card Payoff Calculators from Banks
US Bank The US Bank calculator is fairly basic. You can’t get information on multiple credit cards, and the graph it displays is a bit hard to read. However, it does provide a helpful text explanation of the results. That makes it an excellent resource for those who have problems seeing and use assistive software to use the internet. The US Bank calculator does have one nice feature though. It lets you enter information about planned major purchases. It incorporates that information to give you an accurate date of payoff given your planned expenses. As a result, it’s a good choice for those who know they’re going to need to put something big on their credit card in the near future and wonder how it will affect their payoff date.
Charles Schwab The Charles Schawb payoff calculator is alright when compared to some of the other options on the internet. One good feature is that in can show you different payment schedule options. This is obtained by selecting the option to “show monthly payment scenarios”. This option lets you see how much you’ll have to pay to eliminate your balance for different periods of time. The calculator figures out what your payment will need to be for 24, 36, 48, 60, and 72 months. You can also choose to show balance paydown scenarios to see a graph of how long it will take to reach your goal making the minimum payment, as well as the difference between that and what your payoff goal is.
Citizens Bank This is one of the best credit card payoff calculator’s we’ve looked at. It has a host of helpful features. That includes a payoff goal, a graph by month to help you understand your progress, and it takes interest rates in the form of APR. Moreover, this calculator takes additional monthly charges and fees into account when calculating your payoff date. The only thing that’s lacking is the ability to enter multiple credit cards into the calculator.
Calculator.net This website is a great resource for all kinds of calculators. That’s especially true for financial calculators. The credit card calculator doesn’t have all of the features that we’ve seen in some of the other options out there. However, the interface is straightforward and easy to understand. It also allows you to calculate a payback within a certain timeframe. Therefore, it still offers everything you need.
Things to Look for in a Credit Card Payoff Calculator
A credit card payoff calculator can have a wide range of features. We’ve picked the four most important features to look for in a good calculator. We’ll also explain why each of these features can help you get a better understanding of your credit and debt situation and how to use them to get yourself out of debt quickly.
Credit Card Payoff Calculator with Amortization
The first thing you should look for in a credit card calculator is one that incorporates amortization. Amortization is just a fancy way of saying payment schedule. This is important because the interest charges you incur on a credit card are based on the balance. As you pay off your credit card, the balance will change.
As a result, over the course of time more of your payment should be going to the balance and less should be going to interest. The best credit card payoff calculators also display this in a helpful table. This is known as an amortization table. It will show you how much your payment will be each month. It also will tell you what parts of your payment are going to interest and which parts are going to principal.
That means you can get a better idea of how your debt will go down. You’ll also be able to use this information to plan the most advantageous times to make more than the minimum payment on your card. That will help you put more money towards the principal balance and further reduce the amount of interest you pay every month.
Multiple Credit Card Payoff Calculator
Most people that are dealing with credit card debt have more than one credit card. That means a good credit card payoff calculator should be able to calculate your payoff date and information for multiple credit cards at the same time.
This is helpful because it shows you the best way to use some of the most effective debt payoff strategies. For example, sometimes the best strategy is to put extra money towards the card with the lowest balance. Once that is paid off, you can divert the payments you were making on that card toward another card. You continue this process until all of your cards are paid. This strategy is known as snowballing.
However, sometimes the best strategy is to focus all your extra money on the card with the highest interest rate. That will lower the balance and thus lower the amount of interest you pay each month. This allows may allow you to save the most money over the course of your payments.
Of course, these strategies aren’t exclusive. If you pay off credit card debt with the highest interest rates first, you can then use the money you were sending to that card to other cards. These two strategies are the most effective way to pay off debts. That’s true for all kinds of debts, not just credit cards.
Multiple Payment Schedules
The next feature you should look for in a payoff calculator is the ability to forecast multiple payment schedules. You might think of this as a form of “What if” analysis. These calculators can figure out how long you’ll need to pay off your card if you put different amounts of extra payment towards the balance.
This is an extremely helpful feature because you can use it to find a comfortable place where you put extra money towards your balance without breaking your budget. After all, if paying an extra $100 per month only shaves 1 month off your payoff date compared to paying an extra $50 per month, then the smart move might be to pay less.
Early Credit Card Payoff Calculator
Finally, look for the ability to figure out early payoffs. This feature lets you select a date that you’d like to finish paying your credit card debt. The calculator then uses the other information you enter to show you how much you’ll have to pay each month to achieve your goal.
This feature is extremely helpful for goal-driven individuals. It lets you understand exactly what you need to do if you’re going to meet your goal. It can also show you if your goal is realistic or not. That way you can adjust your expectations and planning accordingly If you're looking for information on credit card consolidation then read our other articles. Explore our site and reviews for more online debt consolidation loans bad credit options.
Financial Advisor, MoneyBeagle
Claire is a noted financial writer and author of hundreds of articles about personal and business finance. Before getting her MBA, she graduated with a BS in Economics. Her coursework focused on the different ways that debt, debt structure, and debt restructuring affect micro and macro-economic issues.
Upon graduation, she took a job at an investment bank that worked with municipal and county governments to help them reorganize and structure their debt so they could continue to provide essential city services.
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