Credit Card Payoff Calculator
Credit card debt can feel overwhelming, especially when high interest rates make balances grow faster than you can pay them down. This calculator shows you exactly how long it will take to become debt-free and how much interest you'll pay along the way.
Enter your current balance, annual interest rate (APR), and your fixed monthly payment. The calculator uses an amortization formula to determine the number of months to payoff, total interest paid, and total amount paid. It also warns you if your payment is too low to cover the monthly interest charges.
How it works
n = -ln(1 - B × r / P) / ln(1 + r), where n is months to payoff, B is the balance, r is the monthly interest rate (APR/12), and P is the monthly payment.
Use cases
- Understanding how long it will take to pay off your credit card balance
- Seeing how much interest you'll pay over the life of the debt
- Evaluating the impact of increasing your monthly payment
- Determining whether your current payment covers more than just interest