What is the Credit Card Payoff Calculator?
Find how long it takes to clear a credit card balance with a fixed monthly payment.
Enter card balance, interest rate per year and monthly payment and the Credit Card Payoff Calculator returns months to pay off, total interest and total paid. Results update as you type, and nothing you enter leaves your device.
How it is calculated
If the monthly payment is not larger than one month of interest, the balance never falls and no payoff time is shown.
How to use it
- Enter card balance.
- Enter interest rate per year in %.
- Enter monthly payment.
- Read months to pay off in the results panel. It updates as you type.
- Change any value to compare scenarios, or use Share to send the result as a link.
Worked example
Common questions
What formula does the Credit Card Payoff Calculator use?
It uses: n = −ln(1 − i × B ÷ M) ÷ ln(1 + i), where i is the monthly rate.
What do I need to use the Credit Card Payoff Calculator?
You need card balance, interest rate per year and monthly payment. Sensible starting values are filled in so you can see how it works straight away.
Is the Credit Card Payoff Calculator free, and is my data stored?
It is free with no sign-up. The calculation runs in your browser, so the values you enter are not sent to or stored on our server.