With our Visa credit card payoff calculator, you can easily find out how long it will take to pay off your Visa credit card balance.
Hey there! My name is Bill Guru and I’m here to help you find answers to your financial questions.
A Visa credit card gives you access to a line of credit that can be used to make purchases, cash advances, and balance transfers. Most of their cards also offer rewards programs, letting you earn discounts on a variety of projects or even direct cash back. With the right strategy, they can help you make the most of your money and dramatically improve your quality of life.
Without the right strategy, they can be disastrous to your finances. I’ve seen dozens of people dig themselves into thousands of dollars of bad debt using credit cards improperly, and I hate watching it happen. I created the Visa credit card payoff calculator to help people like you climb out from under their debt — and stay out of it.
Why Do You Need Visa Credit Card Payoff Calculator?
If you want to pay off your balance, you’re going to need a plan. You can come up with something simple on the fly — like promising to pay $50 more than your minimum balance each month — but you’ll need something more detailed to really make this work.
My Visa credit card payoff calculator can help you visualize the specifics of your payment plan.
Visa Credit Card Payoff Calculator – How to Use It
I designed this calendar with simplicity in mind. All you need to do is enter the balance on your credit card, your interest rate, and the monthly payment you want to like. Click “Calculate” and my calculator will do the rest, giving you a detailed assessment with month-by-month breakdowns. It will show you exactly how long it’ll take to pay off your debt and how much interest you’ll pay during that time. And you can easily tweak the numbers to test out various payment plans.
Once you’ve settled on a plan, you can print the whole thing out and put it somewhere visible. I’ve found that placing a payment calendar near my desk is a great way to remind myself what my goal is — and how much I’ve already done to get there.
For example, if your Visa credit card balance is $3500, its interest rate is 22% and you’d like to pay $350 per month, you’ll need 11 months to pay off your balance. The total interest paid on the card will be $401.71.
Visa Credit Card Payoff Calculator
Find out how many months you will need to pay off your Visa credit card.
| Monthly Payment: | |
| Credit Card Balance: | |
| Interest Rate: | |
| Total Months to Pay Off Credit Card: | |
| Total Interest Paid: |
| Payment | Principal | Interest | Loan Balance |
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Understanding Visa Credit Card Payoff Calculator Terms and Definitions
There are a few terms you’ll need to know to use my Visa credit card payoff calculator properly.
Visa Credit Card Balance
This is the amount you currently owe on your Visa credit card.
You can check your current balance by using your online banking system. You will need to enroll in their online services before you can do this, but it should only take a few minutes.
Monthly Payment
The amount of money you’re able to pay towards your credit card each month.
Interest Rate
Interest is the fee financial institutions charge when you borrow money. On credit card contracts interest is typically expressed as an Annual Percentage Rate (APR).
Total Months to Pay Off Visa Credit Card
The total number of months it will take to pay off your balance based on your monthly payment.
Total Interest Paid
The amount of interest you will pay throughout the duration of your credit card loan.