Credit card payoff calculator
How long until you're out?
Enter your card balance, rate, and what you pay each month. See exactly when it clears and how much interest is costing you. It updates as you type.
Assumes a fixed monthly payment. Actual card minimum payments are calculated as a percentage of the balance which recalculates each month, so real payoff timelines under minimum-only are usually longer than shown here. Indicative only.
Why this matters
What the calculator is actually telling you.
Credit card interest compounds monthly on the whole balance. A card at 19.99% is charging around 1.67% every month on whatever you owe. If the payment barely covers the interest (which is what most minimum payments do), the balance takes years or decades to clear.
Consolidating high-rate card debt into a home loan top-up drops the rate from ~20% to ~6.5%. On a $20,000 balance that is roughly $2,700 less in interest per year, or $13,500 over 5 years. Perth home loan top-ups are quick to arrange with the right broker.
Questions
Frequently asked.
Why do credit cards take so long to pay off at the minimum?
Australian credit cards typically require a minimum monthly payment of just 2 to 3% of the balance. At those levels a $10,000 balance at 20% p.a. takes 40+ years to fully clear and costs more in interest than the original balance. Paying above the minimum is the single fastest way to escape the compounding trap.
Would a debt consolidation loan be cheaper?
Almost always, if credit card interest is above around 15%. A personal loan or home loan top-up refinances high-interest card debt down to a much lower rate (typically 6-9% for personal loans, 6-7% for home loan top-ups). On a $20,000 card at 20% consolidated to a home loan top-up at 6.5%, interest savings are usually five figures.
Should I keep the card open after paying it off?
Depends on how you use it. A closed card removes a credit limit that lenders count as debt commitment when they assess borrowing power. If you are planning to refinance or upgrade home loan in the next 12 months, closing after payoff is usually a boost. If you use the card for cashflow smoothing and pay it off monthly, keeping it is fine.
Does this calculator affect my credit score?
No. The calculator runs entirely in your browser. Nothing is submitted, recorded, or shared with a lender. Your credit file is untouched.
Where do I go for help consolidating this into a home loan?
Call 0489 082 257. A Central Lending Solutions broker can model a top-up on your existing loan (or a refinance to a lower rate with cash out) to consolidate the card at Perth home loan rates. Usually the fastest way out of card debt.
Want this applied to your real situation?
Talk to Harj.
No fee for most clients. A real conversation about your numbers and your options across 30+ lenders. Most clients hear back the same day.