Credit Card Payoff Calculator
Escape credit card debt.
Credit Card Payoff Calculator
Uses logarithmic formula to calculate months to payoff based on balance, rate, and payment.
Calculated instantly
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What This Calculator Does
The Credit Card Payoff Calculator shows how long it takes to eliminate credit card debt and the total interest paid based on your balance, interest rate, and monthly payment amount. It reveals the true cost of carrying a balance.
How It Works
Each month, your payment covers interest first, then reduces the principal. Higher payments dramatically reduce both the time and total interest. The calculator uses an amortization formula to model each payment.
Example
A $5,000 balance at 19% APR with $200 monthly payments takes 33 months to pay off and costs $1,600 in interest. Paying $300/month reduces it to 20 months and $1,000 in interest.
Formula
Months = -log(1 - (balance x monthlyRate) / payment) / log(1 + monthlyRate)Reading the Results
Months to Pay Off
The number of months until your balance reaches zero.
Total Interest
The total cost of borrowing this money over the payoff period.
Frequently Asked Questions
Why does minimum payment take so long?
Minimum payments are designed to maximize interest revenue for the bank. Most of your payment goes to interest, barely touching the principal.
What is the fastest way to pay off credit card debt?
Pay as much as possible each month. Even an extra $50/month can save hundreds in interest and months of payments.
Should I transfer to a 0% APR card?
If you qualify and can pay off the balance during the promo period, a balance transfer can save significant interest. Watch for transfer fees of 3-5%.