Debt Payoff Calculator

Living debt-free can help you have more money in your budget and give you peace of mind. Our Simple Calculator can help you calculate approximately how long it will take to pay down your credit card debt based on a single interest rate. If you have multiple rates, such as a promotional rate, a balance transfer or a cash advance rate, please use the Advanced Calculator.

To get started, you’ll need to refer to your credit card monthly statement for the following items:

Current balance
You can find your current balance by logging into your account online. Or, simply use the balance listed in the Account Summary section of your most recent credit card statement.

Interest rate
Find this in the Interest Charge Calculation portion of your credit card statement.

Simple
Calculator

Approximate time 1-2 minutes


Calculate approximately how long it will take to pay down your current credit card debt, based on a monthly payment that you can afford.

Get Started >

Advanced
Calculator

Approximate time 3-5 minutes


Calculate your debt pay down time based on an affordable payment, plus take into account different interest rates for transaction types like Purchase, Balance Transfers, Direct Deposit and Check Advances and Bank Cash Advances.

Get Started >

Terms and Conditions

The results provided by this calculator are intended for illustrative purposes only and accuracy is not guaranteed. This calculator is not intended to offer any tax, legal or financial advice and does not assure the availability of your eligibility for any specific product offered by Bank of America, its affiliates or any other institution. The terms and conditions of products will differ and may affect the results of the calculator. For example, this calculator uses a relatively common method of calculating the minimum payment, and assumes the minimum payment will never be less than $15. Your account’s minimum payment calculation may be different, and this calculator will not reflect those differences. The definitions and terms used throughout this calculator for the requested input fields are the terms applicable to a Bank of America ® credit card account. If you have a credit card from another issuer, please refer to your account terms to determine how the input fields relate to your account. For specific payoff balance information for your account, please call us at the number on the back of your card.

I agree > I disagree >

Simple Calculator

Please enter your information using your credit card monthly statement. Use the hints provided for help in locating the necessary information.

Please fix the following error(s):

* required

Help $
Help $
Help   %

For a more comprehensive estimate, try the Advanced Calculator.

X

You can find your current balance by logging into your account online. Or, simply use the balance listed in the Account Summary portion of your most recent credit card statement.

X

This is an estimated payment you can make both comfortably and consistently every month. When determining the amount you can afford, take into account all other expenses you may incur in a given month — including prorated annual expenses like taxes, insurance, etc.

X

Find your interest rate in the Interest Charge Calculation portion of your monthly statement.

Your Debt Payoff Results

The graph shows about how many months it will take to pay down your debt by making either the payment you can afford or the total minimum monthly payment. Your debt payoff results are based on the assumptions described here. If your account has different terms, it may affect the results of the calculation.

collapse
Month Your
Monthly
Payment
Your
Remaining
Balance
Total
Minimum
Monthly
Payment
Total
Minimum
Payment
Remaining
Balance
Month Your
Monthly
Payment
Your
Remaining
Balance
Total
Minimum
Monthly
Payment
Total
Minimum
Payment
Remaining
Balance

Change the Payoff Time

Enter a different payment or use the progress indicator at the top of this page to make any edits.

Please fix the following error:

  • * indicates a required field
  • Please enter a valid dollar amount (i.e. $100.00).
  • Your monthly payment must be higher than the total minimum payment amounts that we have calculated over time, based on your balance and interest rate. Please enter a payment equal to or greater than ###.
Your Payment Total Minimum Payment
$ Update results
Total interest paid:
Total interest paid: Payoff time:
Payoff time:  
Previous

For a more comprehensive estimate, try the Advanced Calculator.

Terms and Conditions

The results provided by this calculator are intended for illustrative purposes only and accuracy is not guaranteed. This calculator is not intended to offer any tax, legal or financial advice and does not assure the availability of your eligibility for any specific product offered by Bank of America, its affiliates or any other institution. The terms and conditions of products will differ and may affect the results of the calculator. For example, this calculator uses a relatively common method of calculating the minimum payment, and assumes the minimum payment will never be less than $15. Your account’s minimum payment calculation may be different, and this calculator will not reflect those differences. The definitions and terms used throughout this calculator for the requested input fields are the terms applicable to a Bank of America ® credit card account. If you have a credit card from another issuer, please refer to your account terms to determine how the input fields relate to your account. For specific payoff balance information for your account, please call us at the number on the back of your card.

I Agree > I disagree >

Advanced Calculator

Please enter your information using your credit card monthly statement. Use the hints provided for help in locating the necessary information.

Please fix the following error(s):

  • Please select at least one to continue.
Help Yes No
Help Yes No
Help Yes No
Help Yes No
Continue

For a quicker estimate, try the Simple Calculator.

X

Find your Purchase balance and corresponding interest rates in the Interest Charge Calculation portion of your monthly statement.

Because the statement will show your average daily (or monthly) balance, rather than your monthly ending balance, you may need to calculate the actual ending balance or contact your bank to obtain specific balances.

X

A Balance Transfer is a debt you may have carried on one credit card and then transferred to another card. This is usually done to take advantage of a lower rate offer or to consolidate debt to lower monthly payments. Find this information in the Interest Charge Calculation portion of your monthly statement.

Because the statement will show your average daily (or monthly) balance, rather than your monthly ending balance, you may need to calculate the actual ending balance or contact your bank to obtain specific balances.

X

Direct Deposit and Check Cash Advance allow you to access cash from your credit card account by calling us to transfer funds directly from your credit card to a deposit account or writing an access check. Find this information in the Interest Charge Calculation portion of your monthly statement.

Because the statement will show your average daily (or monthly) balance, rather than your monthly ending balance, you may need to calculate the actual ending balance or contact your bank to obtain specific balances.

X

A Bank Cash Advance allows you to access cash from your credit card account by withdrawing cash at an ATM, transferring funds from your credit card for Overdraft Protection or using your credit card for money orders. Find this information in the Interest Charge Calculation portion of your monthly statement.

Because the statement will show your average daily (or monthly) balance, rather than your monthly ending balance, you may need to calculate the actual ending balance or contact your bank to obtain specific balances.

Purchase Balance

Please enter your information using your credit card monthly statement. Use the hints provided for help in locating the necessary information.

Please fix the following error(s):

  • Please enter required values or return to the Overview to edit your balance needs.
  • Please enter required values or select “no? if you don’t have promotional rates or balances. Or, return to the Overview to edit your balance needs.
  • Please enter a valid dollar amount (i.e. $100.00).
  • Please enter a valid dollar amount (i.e. $100.00).
  • Please enter a valid interest rate less than 35%.
  • Promotional time should not exceed 24 months. Please enter a time between 0–24 months.
*required
Help $
Help   %
Help   Yes No
$
  %
Help   months
Help   Yes No
$
  %
Continue Previous

For a quicker estimate, try the Simple Calculator.

X

This is the total amount you owe for all credit card purchases made at a non-promotional or standard Annual Percentage Rate (APR). Find this balance in the Interest Charge Calculation portion of your monthly statement.

Because the statement will show your average daily (or monthly) balance, rather than your monthly ending balance, you may need to calculate the actual ending balance or contact your bank to obtain specific balances.

X

This is the non-promotional or standard Annual Percentage Rate (APR) on your credit card purchases. It can be found in the Interest Charge Calculation portion of your monthly statement.

X

Promotional rates are temporary rates that can be offered as a special deal with an existing card, or as an introductory rate when you apply for a new card. Promotional balances and interest rates can be found in the Interest Charge Calculation portion of your statement.

Because the statement will show your average daily (or monthly) balance, rather than your monthly ending balance, you may need to calculate the actual ending balance or contact your bank to obtain specific balances.

X

This is the amount of time remaining for using the introductory or promotional Annual Percentage Rate (APR) on your credit card purchases.

X

Protected Balances are balances on your account that were calculated at previous APRs. When an interest rate change for new transactions is applied to your account, your existing balances are identified on your Statement as Protected Balances. These protected balances are generally kept at their current APR until the balances are paid in full.

Because the statement will show your average daily (or monthly) balance, rather than your monthly ending balance, you may need to calculate the actual ending balance or contact your bank to obtain specific balances.

Transfer Balance

Please enter your information using your credit card monthly statement. Use the hints provided for help in locating the necessary information.

Please fix the following error(s):

  • Please enter required values or return to the Overview to edit your balance needs.
  • Please enter required values or select “no? if you don’t have promotional rates or balances. Or, return to the Overview to edit your balance needs.
  • Please enter a valid dollar amount (i.e. $100.00).
  • Please enter a valid dollar amount (i.e. $100.00).
  • Please enter a valid interest rate less than 35%.
  • Promotional time should not exceed 24 months. Please enter a time between 0–24 months.
*required
Help $
Help   %
Help   Yes No
$
  %
Help   months
Help   Yes No
$
  %
Continue Previous

For a quicker estimate, try the Simple Calculator.

X

This is the total balance amount for all credit card balance transfers made at a non-promotional or standard Annual Percentage Rate (APR). Find this balance in the Interest Charge Calculation portion of your monthly statement.

Because the statement will show your average daily (or monthly) balance, rather than your monthly ending balance, you may need to calculate the actual ending balance or contact your bank to obtain specific balances.

X

This is the non-promotional or standard Annual Percentage Rate (APR) on your credit card balance transfers. It can be found in the Interest Charge Calculation portion of your monthly statement.

X

Promotional rates are temporary rates that can be offered as a special deal with an existing card, or as an introductory rate when you apply for a new card. Promotional balances and interest rates can be found in the Interest Charge Calculation portion of your statement.

Because the statement will show your average daily (or monthly) balance, rather than your monthly ending balance, you may need to calculate the actual ending balance or contact your bank to obtain specific balances.

X

This is the amount of time remaining for using the introductory or promotional Annual Percentage Rate (APR) on your credit card balance transfers.

X

Protected Balances are balances on your account that were calculated at previous APRs. When an interest rate change for new transactions is applied to your account, your existing balances are identified on your Statement as Protected Balances. These protected balances are generally kept at their current APR until the balances are paid in full.

Because the statement will show your average daily (or monthly) balance, rather than your monthly ending balance, you may need to calculate the actual ending balance or contact your bank to obtain specific balances.

Direct Deposit &
Check Cash Advances

Please enter your information using your credit card monthly statement. Use the hints provided for help in locating the necessary information.

Please fix the following error(s):

  • Please enter required values or return to the Overview to edit your balance needs.
  • Please enter required values or select “no? if you don’t have promotional rates or balances. Or, return to the Overview to edit your balance needs.
  • Please enter a valid dollar amount (i.e. $100.00).
  • Please enter a valid dollar amount (i.e. $100.00).
  • Please enter a valid interest rate less than 35%.
  • Promotional time should not exceed 24 months. Please enter a time between 0–24 months.
*required
Help $
Help   %
Help   Yes No
$
  %
Help   months
Help   Yes No
$
  %
Continue Previous

For a quicker estimate, try the Simple Calculator.

X

This category of cash advances includes calling us to transfer funds directly from your credit card to a deposit account or writing access checks.

Because the statement will show your average daily (or monthly) balance, rather than your monthly ending balance, you may need to calculate the actual ending balance or contact your bank to obtain specific balances.

X

This is the non-promotional or standard Annual Percentage Rate (APR) on your credit card Direct Deposit and Check Cash Advances. It can be found in the Interest Charge Calculation portion of your monthly statement.

X

Promotional rates are temporary rates that can be offered as a special deal with an existing card, or as an introductory rate when you apply for a new card. Promotional balances and interest rates can be found in the Interest Charge Calculation portion of your statement.

Because the statement will show your average daily (or monthly) balance, rather than your monthly ending balance, you may need to calculate the actual ending balance or contact your bank to obtain specific balances.

X

This is the amount of time remaining for using the introductory or promotional Annual Percentage Rate (APR) on your credit card Direct Deposit and Check Cash Advances.

X

Protected Balances are balances on your account that were calculated at previous APRs. When an interest rate change for new transactions is applied to your account, your existing balances are identified on your Statement as Protected Balances. These protected balances are generally kept at their current APR until the balances are paid in full.

Because the statement will show your average daily (or monthly) balance, rather than your monthly ending balance, you may need to calculate the actual ending balance or contact your bank to obtain specific balances.

Bank Cash Advances

Please enter your information using your credit card monthly statement. Use the hints provided for help in locating the necessary information.

Please fix the following error(s):

  • Please enter required values or return to the Overview to edit your balance needs.
  • Please enter required values or select “no? if you don’t have promotional rates or balances. Or, return to the Overview to edit your balance needs.
  • Please enter a valid dollar amount (i.e. $100.00).
  • Please enter a valid dollar amount (i.e. $100.00).
  • Please enter a valid interest rate less than 35%.
  • Promotional time should not exceed 24 months. Please enter a time between 0–24 months.
*required
Help $
Help   %
Help   Yes No
$
  %
Help   months
Help   Yes No
$
  %
Continue Previous

For a quicker estimate, try the Simple Calculator.

X

A Bank Cash Advance is when you use your account to withdraw cash at an ATM, transfer funds from your credit card for Overdraft Protection or use your credit card for money orders.

Since only a portion of your Total Credit Line is available for Bank Cash Advances, it’s important to keep track of the remaining amount that you can use for Bank Cash Advances.

Because the statement will show your average daily (or monthly) balance, rather than your monthly ending balance, you may need to calculate the actual ending balance or contact your bank to obtain specific balances.

X

This is the non-promotional or standard Annual Percentage Rate (APR) on your credit card Bank Cash Advances. It can be found in the Interest Charge Calculation portion of your monthly statement.

X

Promotional rates are temporary rates that can be offered as a special deal with an existing card, or as an introductory rate when you apply for a new card. Promotional balances and interest rates can be found in the Interest Charge Calculation portion of your statement.

Because the statement will show your average daily (or monthly) balance, rather than your monthly ending balance, you may need to calculate the actual ending balance or contact your bank to obtain specific balances.

X

This is the amount of time remaining for using the introductory or promotional Annual Percentage Rate (APR) on your credit card Bank Cash Advances.

X

Protected Balances are balances on your account that were calculated at previous APRs. When an interest rate change for new transactions is applied to your account, your existing balances are identified on your Statement as Protected Balances. These protected balances are generally kept at their current APR until the balances are paid in full.

Because the statement will show your average daily (or monthly) balance, rather than your monthly ending balance, you may need to calculate the actual ending balance or contact your bank to obtain specific balances.

Payments

Based on your balance(s) and interest rate(s), you should have an estimated payment amount in mind that you can make both comfortably and consistently every month. When determining this amount, please take into account all other expenses you may incur in a given month — including prorated annual expenses like taxes, insurance, etc.

Please fix the following error:

  • * indicates a required field
  • Please enter a valid dollar amount (i.e. $100.00).
  • Your monthly payment must be higher than the total minimum payment amounts that we have calculated over time, based on your balances and interest rates. Please enter a payment equal to or greater than ###.

* required

Help $
Previous

For a quicker estimate, try the Simple Calculator.

X

This is an estimated payment you can make both comfortably and consistently every month. When determining the amount you can afford, take into account all other expenses you may incur in a given month — including prorated annual expenses like taxes, insurance, etc.

Your Debt Payoff Results

The graph shows about how many months it will take to pay down your debt by making either the payment you can afford or the total minimum monthly payment. Your debt payoff results are based on the assumptions described here. If your account has different terms, it may affect the results of the calculation.

collapse
Month Your
Monthly
Payment
Your
Remaining
Balance
Total
Minimum
Monthly
Payment
Total
Minimum
Payment
Remaining
Balance
Month Your
Monthly
Payment
Your
Remaining
Balance
Total
Minimum
Monthly
Payment
Total
Minimum
Payment
Remaining
Balance

Change the Payoff Time

Enter a different payment or use the progress indicator at the top of this page to make any edits.

Please fix the following error:

  • * indicates a required field
  • Please enter a valid dollar amount (i.e. $100.00).
  • Your monthly payment must be higher than the minimum payment amounts that we have calculated over time, based on your balance and interest rate. Please enter a payment equal to or greater than ###.
Your Monthly Payment Total Minimum Payment
$ Update results
Total interest paid:
Total interest paid: Payoff time:
Payoff time:  
Previous

For a quicker estimate, try the Simple Calculator.