Credit Card Equal Payment by Payoff Time Calculator

Enter the loan balance, interest rate, loan length, and monthly payment and this calculator will analyze your loan. You will see how long you've been paying and how much you've paid to date on your loan, as well as how much time is remaining and how much more is to be paid.Just enter your loan balance, interest rate, current monthly payment, and the additional amount you will pay each month and the calculator will compare the payoff time and interest charges for the remainder of the loan.

Input Fields:
Title A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.
Credit Card Balance Your current outstanding balance on this credit card.
Interest Rate The current annual interest rate charged for the outstanding balance on this credit card. You may actually have different interest rates for different balance amounts. This could happen if part of your balance came from a cash advance (many credit cards charge a higher interest rate and no grace period for cash advances), or if you made some purchases during a lower percentage promotion period, or maybe you transferred the balance from another credit card for a special low interest rate promotion.
Minimum Monthly Payment The amount you will pay each month. (You will continue to pay this much each month regardless of what your statement shows as the 'Amount Due'.) You will want to make sure this amount covers your required payment, especially in the early months and with the new 2006 federal government guidelines.
Desired Payoff Time Enter the desired number of years and/or months when the balance should be paid.

Output Fields:
Payment Amount Pay this amount on your credit card each month to have it paid by 'Payoff Time'. Compare this amount with your credit card statement's Amount Due and pay whichever is greater (especially in the early months and with the new 2006 federal government guidelines).
Actual Payoff Time The number of years and months it will take to pay off this credit card balance. This is the 'Number of Payments' expressed in years and months. Note: If the 'Minimum Monthly Payment' you entered is equal to the calculated 'Payment Amount', 'Actual Payoff Time' may be less than the 'Payoff Time' you entered.
Number of Payments You will make this many payments to pay off this credit card balance.
Total Paid Total amount of principal + interest you will have paid when this credit card balance is paid off.
Total Interest Total amount of interest you will have paid to get this credit card balance paid off.
Annual Cost The amount of money you will pay each year for this loan.

Buttons and Checkboxes:
Show Amortization When checked, a section will appear below the calculator showing the complete amortization table.
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All calculators are made available as self-help tools for your independent use with results based on information provided by the user. All examples are hypothetical and are for illustrative purposes only. Calculated results are believed to be accurate but results are not guaranteed. Credit Card calculators are intended only to provide comparisons that may assist you with making decisions regarding how to handle your credit. All credit card obligations need to paid each month by their individual due dates. Check all statements from credit card issuers carefully to make sure you pay at least the minimum stated on each. If you have serious credit card debt problems, please seek the advice of a qualified professional who is fully aware of your individual circumstances.