Credit Card Payment Calculator with Amortization Schedule

We designed this calculator to help you determine what your monthly payments should be to pay off your credit card debt within a specific period of time. This will help you create a realistic plan to pay your debt off and show you how much even a small increase in your monthly contribution can speed up the process.

Credit Card Payment

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Credit Card Balance:
Yearly Interest Rate:
How fast do you want to payoff (years):
Payment Amount:
Total Interest Paid:


Amortization Schedule

Payment Principal Interest Loan Balance
- -

Remaining Loan Balance

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By using this calculator you agree to terms and conditions. These calculators are designed to be informational and educational tools only, and when used alone, do not constitute investment or financial advice. We strongly recommend that you seek the advice of a financial services professional before making any type of investment or deciding on your financial matters. This model is provided as a rough approximation of future financial performance. The results presented by this calculator are hypothetical and may not reflect the actual growth of your own investments. We can't take into account potential lender fees, payoff schedule can be longer than in the estimation. Financialfreedom and its affiliates are not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Financialfreedom is not responsible for any human or mechanical errors or omissions.

How to Use This Credit Card Payment Calculator

You can use this calculator by completing the steps listed below:

  • Type your current credit card balance into the appropriate field.
  • Add your interest rate (you can type this in or select it using the slider below the Interest Rate field).
  • Enter how long you want to spend paying off your debt, in years.

You will be able to watch the results change in real time as you adjust each individual number.


Let’s say your credit card balance is , your credit card’s interest rate (APR) is , and you’d like to pay off your debt in  years. You will get the following results. You’ll need to pay each year to become debt-free. The total interest you’ll pay on your card will be .

Understanding the Results

The results from this calculator can be viewed in three forms: a bar graph, an overview table, and an amortization schedule. The bar graph presents a simple visual representation of your debt decreasing over time.

The overview table allows you to view all of the following information at a glance:

Credit Card Balance.  This is the amount of money currently owed on your credit card.

Yearly Interest Rate. Your interest rate, as stated in your contract agreement.

How Fast You Want to Pay. How many years you plan to take escaping credit card debt.

Payment Amount. The exact dollar amount you’ll need to pay to be debt-free in the number of years you’ve specified.

Total Interest Paid. How much interest you will pay in the time it takes to pay off your credit card debt.

The amortization schedule breaks down how much of each payment you make goes toward paying off the principal of your loan, and how much goes toward paying off the interest. It also shows exactly how much your loan balance will decrease with each payment.

Final Advice

Getting out of credit card debt is an uphill battle, but it’s one you can win. To see how important creating your own payment plan is, take a look at our minimum payment calculator.

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