How to use the Credit Card Payoff Calculator
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The formula
Months = −ln(1 − B × r ÷ payment) ÷ ln(1 + r)
Examples
- $5,000 at 22% APR, paying $200 a month
Payoff time: 34 months (2 years 10 months) Total interest: $1,749.88 Total paid: $6,749.88
- Paying $400 a month instead
Payoff time: 15 months (1 years 3 months) Total interest: $731.60 Total paid: $5,731.60
- $10,000 at 19% APR, $350 a month
Payoff time: 39 months (3 years 3 months) Total interest: $3,416.96 Total paid: $13,416.96
Limitations and assumptions
Assumes no new purchases and a fixed APR. Minimum payments that fall each month take longer.
Frequently asked questions
How is credit card interest charged?
Your APR is divided by 12 (or 365 for daily) and applied to the balance each period.
Why does paying only the minimum take so long?
A large part of each minimum payment is interest, so the balance falls slowly.
What if my payment is too low?
If it does not exceed monthly interest, the balance never falls, and the tool will say so.
Does it include new purchases?
No. It assumes you stop using the card.