Download a free Credit Card Payoff calculator for Microsoft Excel, OpenOffice, or Google Sheets that will calculate the payment required to pay off your credit card debt in a specified number of years, or calculate how long it will take to pay off your card given a specific monthly payment. This is a great spreadsheet to have in your debt reduction tool belt.

For an even more powerful debt payoff spreadsheet, see our debt reduction calculator.


Credit Card Payoff Calculator

for Excel, OpenOffice, and Google Sheets
Credit Card Calculator
⤓ Download
For: Excel 2007 or later & Excel for iPad/iPhone

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Template Details

License: Personal Use
(not for distribution or resale)

"No installation, no macros - just a simple spreadsheet" - by



What will it take to completely pay off the balance of a credit card at the current interest rate? Enter your current balance and interest rate. Then, enter a monthly payment to calculate how many months it will take to pay off the credit card, or enter the payoff goal to calculate what your monthly payment must be to meet that goal.

Using the Credit Card Payoff Calculator

The spreadsheet contains a worksheet with instructions and definitions for some of the terms used in the calculator. For more general information about how to pay off your credit card, see the steps below.

If you have any questions about how to use the spreadsheet, please .

Steps to Pay off Your Credit Card Debt

Are you trying to escape from the oppression of credit card debt? The following steps may not apply to your specific financial situation, but you may want to consider them ...

  1. Lower It! Call your credit card company(ies) and ask them to lower your interest rates. If you are considering debt consolidation as a way to lower your interest rates and zero-out your credit card balances, here is my take on debt consolidation.
  2. Shred It! Stop using your credit card(s). Shred them if you need to. But if you plan to use them again some day, don't cancel them, because that can hurt your credit rating. You can always request a replacement card later.
  3. Budget It! Evaluate your home budget and cash flow to figure out what monthly payment you can afford. You may need to consider cutting back on spending or working some overtime. Just remember that the faster you can pay off the cards, the less interest you pay in the long run.
  4. Calculate It! Use the credit card payoff calculator to estimate how long it will take to pay off a card at its present interest rate.
  5. Pay It! Make your payments religiously, until the balance is zero.
  6. Sustain It! Just like the tendancy to gain weight right after a diet, you may be tempted to rack up a balance on your credit card again. Don't Do It!!! Learn from the past.

Online Credit Card Payoff Calculators

Below is a list of online calculators used to check the spreadsheet, and a couple calculators that let you do a bit more fancy calculations.

More Debt and Loan Calculators

Resources and References

Disclaimer: This spreadsheet and the information on this page is for hypothetical and illustrative purposes only, and is not meant to be taken as investment or financial advice. Your individual situation is unique, and we do not guarantee the results or the applicability to your situation. You should seek the advice of qualified professionals regarding financial decisions.

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