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Credit Card Payoff Calculator
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Results Takes > 5 Years!
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Formula: N = -log(1 - i × A / P) / log(1 + i)
(where i = monthly rate, A = balance, P = payment)
(where i = monthly rate, A = balance, P = payment)
Examples
- Balance: $5,000, APR: 18%, Payment: $200 → 32 months, Total Interest: $1,314.28
- Balance: $10,000, APR: 20%, Payoff in 24 months → Payment: $508.96/mo
- Balance: $2,000, APR: 15%, Payment: $50 → 56 months, Total Interest: $768.41
Frequently Asked Questions
Why does paying only the minimum take so long?
Minimum payments are designed to mostly cover interest, meaning very little goes toward reducing your actual balance.
What is APR?
Annual Percentage Rate. To find the monthly interest rate, divide the APR by 12.
Does this include additional fees?
No, this calculator assumes no late fees, over-limit fees, or new purchases are added to the balance.
How can I pay off my card faster?
Increase your monthly payment, consider a balance transfer to a lower APR card, or stop using the card for new purchases.
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