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Credit Card Payment Planner

Calculate the monthly payment needed to clear a credit card balance by a target date.

Also known as: calculate payment needed to clear balance by target date calculator, credit card payment calculator, calculate payment needed to clear balance by target date, credit cards finance, credit cards calculate payment needed to clear balance by target date

Inputs

Results update when you click Calculate Payment.

Required monthly payment

$430.36

  • Total interest$1,246.51
  • Total paid$7,746.51
  • Payoff timeline18 months

Vs minimum-only path

Fixed payment retires balance on schedule

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What this result means

Calculate the monthly payment needed to clear a credit card balance by a target date. Payment = Balance × r × (1+r)^n ÷ ((1+r)^n − 1) where r = APR/12 and n = months.

Assumptions

  • Rule dependency: Universal formula / market assumptions.

Fixed payment

Payment = Balance × r × (1+r)^n ÷ ((1+r)^n − 1) where r = APR/12 and n = months.

Example

$6,500 at 22.99% APR paid in 18 months requires ~$420/mo.

Frequently asked questions

Is this the same as a loan payment?+

Yes — same amortizing payment formula used for installment payoff schedules.