15/3 Credit Card Payment Calculator

What is the 15/3 Credit Card Payment Method?

The 15/3 method is a debt payoff strategy that involves making two payments per month: one on the 1st and another on the 15th (or 3rd). This approach helps you pay off your credit card debt faster by increasing the number of payments you make in a year.

Originally developed by Dave Ramsey, the 15/3 method is designed to help people pay off their credit card debt more quickly by making more frequent payments. By making two payments each month instead of one, you can reduce the total interest paid and shorten the debt payoff period.

How the 15/3 Method Works

The 15/3 method is based on the idea that making more payments in a year will reduce the total interest paid. Here's how it works:

1. Calculate your minimum monthly payment.
2. Divide this minimum payment by 2 to get your 15/3 payment amount.
3. Make two payments each month: one on the 1st and another on the 15th (or 3rd).
4. Continue making these payments until your balance is paid off.

By making two payments each month, you effectively double the number of payments you make in a year, which can significantly reduce the total interest paid and shorten the debt payoff period.

Using the Calculator

Our calculator makes it easy to determine your 15/3 payment amount. Simply enter your credit card balance and minimum monthly payment, and the calculator will show you how much you should pay each time using the 15/3 method.

The calculator also provides a breakdown of your payments and a chart showing your progress over time.

Worked Example

Let's look at an example to see how the 15/3 method works in practice.

1. Calculate your 15/3 payment amount: $100 / 2 = $50.
2. Make two payments of $50 each month: one on the 1st and another on the 15th.
3. Continue making these payments until your balance is paid off.

By using the 15/3 method, you can pay off your $5,000 balance faster and save on interest compared to making just the minimum payment.