Debt Calculator

This credit card debt calculator will estimate the amount of time it will take to pay off a given credit card debt. Plus, it will also tell you the average monthly interest you will pay between now and when the debt is paid off.

How much are you making in credit card payments every month ie $700:
Average interest rate on credit cards ie: 19.3%:
Total debt balance remaining ie: $40,000:
What type of payment you are making:

Interest you pay every month:
Number of months to pay off this debt:
Number of years to pay off this debt:

Debt Pay Off: Based on an average 19.3% interest rate on a total $40,000 credit card debt, and only making a minimum $700 payment, it would take you 13.2 years to eliminate this debt. Your interest payments alone total $70,292! When this debt is finally paid off, you would have paid a total of $110,600!

How do I calculate my average interest rate? Say you have a credit card with a 12% interest rate, another with 28%, and one with 18%. You add these interest rates together (12+28+18=58), then divide the sum by number of credit cards (58/3=19.3). In this example, the average interest rate is 19.3%

Review the chart below to find out how long it would take to pay off your credit card debt with minimum payments:

Debt Amount	How Much Will You Pay?	How Long Will It Take?
$10,000	$26,276.59	42 yrs 9 mos
$15,000	$55,370.41	48 yrs 11 MOs
$20,000	$74,464.22	53 yrs 3 MOs
$25,000	$93,557.98	56 yrs 7 MOs
$30,000	$112,651.77	59 yrs 4 MOs
$35,000	$131,745.58	61 yrs 8 MOs
$40,000	$150,839.39	63 yrs 9 MOs
$45,000	$169,933.22	65 yrs 6 MOs
$50,000	$189,027.02	67 yrs 1 MOs
$60,000	$227,214.61	69 yrs 10 MOs
$80,000	$303,589.81	74 yrs 2 MOs
$100,000	$379,965.06	77 yrs 7 MOs
$120,000	$456,340.27	80 yrs4 MOs
$140,000	$532,712.48	82 yrs 8 MOs
$150,000	$570,903.04	83 yrs 8 MOs

Number of years to payoff a credit card balance based on 19% interest and the cardholder making only the minimum monthly payment of 2.1% of the outstanding balance. Most national cards require a minimum monthly payment between 2.0% and 2.4% of the outstanding balance. Source:CNN Money

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