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Credit Card Debt Payoff Calculator

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Are you overpaying on your credit cards?

Use our Debt Calculator to find out.

Tally's debt calculator is the easiest way to discover how much you could save on your current credit card balances with a Tally line of credit. Unlock your financial future in just 90 seconds!

This needs to be over $0 to cover your monthly minimum.

Tally Savings Estimate

Check for interest savings by adding your high-APR cards to our calculator.

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Debt happens, but it doesn’t have to last forever. First and foremost, you need to know exactly how much you owe and how long it’ll take to pay it off—that’s where our credit card debt calculator comes in handy. Tally’s debt calculator enables you to see exactly how much debt you have and then helps you to formulate a plan to tackle it!

Mastering the Ins & Outs
of Debt Terminology

Credit Card Balance – This is the total dollar amount you owe to a credit card company. You might have multiple different balances if you have multiple credit cards.

Balance Transfer – Like transferring money from your checking account to savings, a balance transfer is a credit card transaction that moves your debt from one account to another—oftentimes, to one with a lower interest rate.

Debt Consolidation – This combines multiple—usually high-interest—debts into a single payment, sometimes with a lower interest rate.

Utilization Ratio – Also called your credit utilization rate, this is your current credit debt—how much you are currently borrowing—divided by your total available credit—the maximum amount you could borrow.

Minimum Payment / Monthly Payment – Your minimum monthly payment is the absolute least amount of money you can pay towards your credit debt while remaining in good standing with the credit card company.

Current Balance – Much like your credit card balance, this is the total amount you owe on your account, minus pending interest charges.

Credit Limit – This refers to the maximum amount you can borrow from—and therefore, owe to—your credit card company before being penalized.

Interest Rate / Interest Charge – Your interest rate is the percentage you’ll be charged for borrowing money. Your interest charge, then, is the actual amount you owe the credit card company, based on your interest rate and the amount of money you’ve borrowed.

APR – Similar to your interest rate, your Annual Percentage Rate is the cost of borrowing money—the percentage you’ll be charged—plus additional costs and service fees.

Credit Score – This is a number assigned to you as an evaluation of your capacity to return borrowed money and an indication of your future creditworthiness. A high credit score is earned by making prompt debt repayments on credit cards and other loans.

How to Use the Tally Debt Payoff Calculator

Tally’s debt payment calculator simplifies one of life’s biggest pain points: understanding, creating, and executing a debt repayment plan. Our debt calculator determines your present financial situation—and potential future outcomes—based on your answers to a few simple questions:

Your credit score – Let us know what range you’re in so we can determine if you’re eligible for a Tally line of credit—and the savings that come with it.

Your current credit card balance and APR – Understanding your future options requires a complete picture of your present circumstances. Enter the current balance and APR for each of your credit cards so our debt calculator can run the numbers for you.

Your last monthly payment – We approximate your debt-free timeline based on your previous repayment amounts.

Our payoff calculator compares your current credit card interest rates and repayment timing with Tally’s solutions to show you a better option—it’s your own financial roadmap.

Understanding Your Results

Tally’s debt payoff calculator gives you a sense of how much time and money you could save paying off your credit cards.

Our estimates are based on:
Your current reality:
your interest rates and payoff timing if you continue down this road
Your potential future:
your interest rates and payoff timing if you make the switch to a Tally line of credit

Enjoy the dual-pronged benefits of Tally based on your calculated results:

Save more – Tally can lower your credit card APR/Interest Rate.

In what way? Tally’s debt calculations are based on the average APR on a Tally line of credit—which is generally going to be lower than the APR on your current credit cards.

Get out of debt sooner – Tally can help you estimate your debt payoff and keep you on track all the way to debt free.

How so? With lower monthly payments, less accumulated total interest, and an aggressive debt-repayment strategy, we help shave off more of your credit card debt every single month until you emerge debt-free. And, Tally lets you know just how soon that could be.

When will I Be Out of Debt?

The results of our credit card payoff calculator can give you some sense of a debt-payoff roadmap. But you’re still the one in the driver’s seat. How soon you’ll be debt-free depends on the actions that you’re willing to take and just how quickly you take them. It also depends on your:

  • Actual credit card balances and APRs

  • Ongoing credit card usage

  • Monthly debt payments

While getting out of debt can be a challenge, it’s certainly possible to get there—and do so faster—with a Tally line of credit and Tally APR. As an approved user of these Tally tools and solutions, you’ll set yourself up for successful debt repayment.


Tally can help you save money immediately on your high-interest credit cards and get you out of debt faster. If you qualify, we give you a credit line with a low interest rate and use it to pay off your cards. We manage all your credit cards for you. All you have to do is make one easy payment to Tally every month.

You must be 18 years old and live in a state where Tally is available. You must also have a FICO Score of 680 or higher to use Tally. We perform a soft credit check when you sign up for Tally, which means you can apply without hurting your credit score.

The Tally app is free to download. To get the benefits of Tally, you’ll need to qualify for and get a Tally credit line. Depending on your credit history, your APR (which is the same as your interest rate) will be between 7.90% - 29.99% per year. And similar to credit card APRs, it will vary with the market based on the Prime Rate. (This information is accurate as of June 2021.)

We use the Daily Balance Method. First, we calculate your interest charge each day, multiplying your Daily Balance by your Daily Periodic Rate. (Your Daily Periodic Rate is your APR divided by the number of days in the year). Then, we add up all the daily interest charges in your billing cycle to get your total interest charge for the statement period. To calculate your Daily Balance, we take the beginning balance each day, add any new transactions made that day and subtract any payments or credits made that day. Unlike most credit cards, we don’t compound interest daily — you are only charged interest on what you borrow.

Tally monitors the balances, APRs and due dates on each card you register. Then, Tally uses your credit line to pay your cards in the way that will save you the most money. Payments are sent at least two (2) business days before your card’s due date to ensure payment arrives on time.

You receive an emailed statement every month with the amount you must pay. You can pay anytime directly in the Tally app from your linked checking account.