How Can I Payoff My Credit Card Debt Sooner?

Credit Card Payoff Goal Calculator
Current Card Balance : ($)
Current Monthly Payment : ($)
Annual Interest Rate : (%)
Payoff Goal : (Months)
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Financial Analysis (Switch to Plain English)
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Payoff Goal
Monthly Payment : $250.00 $496.83
Payoff Timeline : 5 Years 1 Months 2 Years 0 Months
Time Saved : 3 Years 1 Months
Total Payments : $15,250.00 $11,923.88
Total Interests Paid : $5,250.00 $1,923.88
Interest Savings : $3,326.12
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If you are in credit card debt, you might be interested in setting a goal to have that card paid off by a certain time. In order to reach that goal, however, you need to know how much money you have to send each month in order to have the card paid off by that date.

If you have a credit card balance of $10,000.00 on a card with a 17.500% APR, you might have a minimum payment set by the credit card of $250.00. At this rate, it will take you 5 year(s) and 1 month(s) to pay off the card. If you have a goal of paying off that card in 24 month(s), however, you will need to increase your payment amount to $496.83. Not only will this knock off 3 year(s) and 1 month(s), you will also save $3,326.12 by reducing the amount of interest you have to pay on the balance.
DISCLAIMER: Calculations performed by Fifth Avenue Realty's financial calculators are mathematical estimates for illustrative purposes only. There is no warranty, express or implied, regarding the accuracy of the results or the applicability to your financial situation. The information provided on or through the Fifth Avenue Realty website and this calculator should not be relied upon as the only source of information. We encourage you to contact us today for personalized advice or consult your own financial advisor before making any financial decisions.