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Credit Card Payoff Calculator [Free Download!!]

Credit cards…yuck. Why do we do this to ourselves? We make some headway on our credit card debt and then something else pops up, we charge it, and then we’re in even deeper debt than before! NO MORE! It’s time to get rid of this debt! With the Credit Card Payoff Calculator, you can finally tackle your debt AND PAY IT OFF FOR GOOD! 

Follow the steps below, get serious, and I bet you’ll pay off your credit cards faster than you ever thought possible!

Get started with the the Free Download Here!

Credit Card Payoff Calculator…With the Debt Snowball Method

There are really two methods to paying off credit card debt.

  1. One option will tell you to first pay off the credit cards with the highest interest
  2. The other will tell you to start with the smallest balance, then the larger balance, and then the larger balance, etc. and ignore the interest entirely

I’m a huge fan of option #2.

…”But won’t this cost me more money?” you might ask. After all, it does make sense when you logically think about it. I mean, if you don’t tackle the largest interest debt first, it’s going to rack up a higher cost than the others, and over time you’ll therefore have to pay off more debt and it will take longer.

Like I said, seems logical…but it’s incorrect. 

Credit Card Payoff CalculatorI’m a big believer in the debt snowball method

I freakin’ love the debt snowball method. I have personally used it to get out of debt, and it flat out works. And, as it turns out, various case studies agree with me too!

  • With the debt snowball method, you start paying down the smallest balance while paying the minimum payments on all the other credit card balances.
  • You pay as much as you can toward that smaller balance until you pay it off.
  • Then, you start paying down the next largest balance until it’s gone
  • …And so on and so forth until your entire credit card debt is gone!

When you use the debt snowball method, you tend to get laser focused on that one debt that you’re trying to pay off. SO focused that you’ll seemingly stop at nothing to get it paid off. You’ll spend less, save more, and even do some side gigs to pay it off. Then, when you pay off that first debt, you’re completely ENERGIZED! You did it! You can’t wait to tackle and kill the next one!

If you truly want to get rid of your credit card debt and get rid of it for good, you’ll want to use this credit card payoff calculator, which follows the debt snowball principles.

Related: How the Debt Snowball Really Works (Free Tool Included For YOUR Debt Snowball!!)

Credit Card Payoff Calculator – How to Enter Your Data

If you haven’t already, download the credit card payoff calculator here

Open it up (you’ll likely see it at the bottom-left of your screen once it downloads), and if you get the message to enable the file at the top of the page, click “Enable File”.

Now it’s time to enter your data:

  • Key in the debt balance on each credit card,
  • the minimum monthly payment,
  • and, the interest rate on each card.

Once you input all of that data, you’ll see how long it will take you to pay off your credit card debt if you only pay the minimum payments. Likely, it’s not a very fun story. 

Here’s what your credit card payoff calculator should look like:

You’ve entered in all your debts, the minimum payments, and the interest rate for each credit card (boxed red areas below). Once you enter those in, note your estimated payoff date in the middle of the header. The example below shows that it will take 105 months to pay off the credit cards debts (by only making the minimum payments). THAT’S NEARLY 11 YEARS!! NO THANK YOU!

Credit Card Payoff Calculator - Initial Entires

With just keeping up with the minimum payments, how long will it take you to pay off your credit card debts?

  • 5 years?
  • 7 years?
  • 10+ years? 

It’s absolutely insane how long you’ll have some of these credit card balances if you try to pay them off with only the minimum payments. 

You don’t want to wait 10+ years to get out of debt, do you? I don’t think so! It’s time to get rid of that balance. It’s time to slay this beast once and for all!

How Quickly Could You Get Out of Credit Card Debt?

It’s time to play with the numbers.

Sure, it could take you an eternity to pay off your credit cards if you don’t make any extra payments. But, what if you really started to go after it?

  • What if you starting paying an extra $300 a month? 
  • What if you really cut back on your spend and could put $700 a month at your credit cards?
  • Heck, what if you went absolutely crazy and got a part-time job on the weekend that allowed you to put $1,500 extra dollars toward your debt each month??

What wold happen? How quickly could you get out of debt?

This is when looking at your debt finally gets fun. 

Instead of 10+ years, you might cut your time all the way down to 2 years…of you know what? Maybe even less!!

Setting Your Goals With the Credit Card Payoff Calculator

The above exercise is how you start to set a goal.

Instead of asking yourself, “Based on my current course, how long will I be in debt?” you instead start to make statements like, “I want to be out of debt in 2 years.” And then you start asking questions that will turn that into a reality:

  • “How much extra do I need to pay per month to get this debt gone in 2 years?”
  • “What could I do to earn extra money to get that amount per month?”
  • “What if I sold a few things to get this snowball rolling faster?

In this credit card payoff calculator, you can impact your payoff time-frame by doing two things:

  1. Changing cell J3 to a monthly dollar amount you think you can pay toward your credit card debt above and beyond all of the minimum payments
  2. Updating cell J4 with a one-time amount you’ll put toward your debts up-front (maybe you had some cash stashed away for something else and you instead decided to use it toward your credit card debt. Either that, of you could sell some stuff!)

The 105 Month Example

In the first screenshot, we showed you that our 7 credit cards wouldn’t all get paid off until month 105 (nearly 11 years!). 

  • What if we could muster up $1,000 to get the debt snowball started? (if you don’t have it in savings, I bet you could get there by selling some stuff!)
  • And, what if we could find an extra $200 a month?

That’s not overly radical, right?

Guess what that does to our 105 month payoff?

Check it out:

Credit Card Payoff Calculator - with additional payments

It brings our time-frame down from 105 months to just 42 months – that’s just 3.5 years instead of 11!!

Maybe you think you can do more.

Perhaps you really DO want to get out of credit card debt in 2 years. And, maybe you could bump up your initial contribution to $2,000!

Then how much extra would you have to contribute per month to make this possible? What if you could contribute $600 a month? Let’s try it!

Credit Card Payoff Calculator - payoff in 24 months

BOOM! That did it!

If you can find $2,000 to start and then put an extra $600 toward your credit card debt each week, you could get rid of $25,000 worth of credit card debt in just 2 years! 

Wouldn’t that be awesome??!! I bet you could do it too!

What’s Your Goal? It’s On YOU!

Paying off your credit card debt is a FANTASTIC thing to do.

  • It’ll save you cash in the long run,
  • it will remove your monthly burdens,
  • you’ll feel less stressed with fewer bills and less outgoing cash
  • and finally, you’ll free up money to start investing and you’ll finally be able to start funding retirement!

So what’s your goal? How quickly will you pay off this credit card debt?

You’ve got no excuses! You know you want to do it – you’ve got the tools, and now is the time. You can do this!

Download the Credit Card Payoff Calculator here. Get started today!

Are you ready to dive into this credit card payoff calculator? What’s your goal for paying off your credit card debt? Tell us in the comments below!

Get Out of Debt Money


My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

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