Debt Calculator

This calculator estimates the number of months it will take you to pay off the balance of a specific credit card. To use it: In "Credit Card Balance," enter what you owe on the credit card after your latest payment. In "Monthly Payment," enter how much you can afford to pay each month to this credit card. In "APR of the Card," enter the annual percentage interest rate (APR) of this particular credit card. You can find the APR at the bottom of the credit card's monthly statement. Do not use commas. Once you have entered these items, press "Compute" and look for three things: "Number of Months Until Debt Free," is the number of months it will take you to fully pay off the card's debt, assuming you do not add to its balance and that you pay the stated monthly amount until the balance is gone. "Total Payment to be Debt Free," is the total amount you need to pay to eliminate that balance. "Total Interest to be Debt Free," is the portion of the Total Payment that is interest only. The amount of interest you will need to pay which is NOT tax-deductible may surprise you! Credit Card Balance Monthly Payment APR of the Card (%) Number of Months to be Debt Free Total Payment to be Debt Free Total Interest to be Debt Free