Credit Card Payoff Calculator
Find out how long it takes to pay off your credit card debt and how much interest you pay.
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Credit Card Payoff Calculator
Use the formula and worked example below to calculate manually.
Overview
The credit card payoff calculator shows how long it takes to clear your outstanding balance with fixed or minimum monthly payments, and the total interest cost — often a sobering wake-up call to pay more than the minimum.
How to use this calculator
- Enter your current outstanding credit card balance.
- Enter the annual interest rate (APR) on your card.
- Choose a strategy: pay a fixed amount each month, or pay only the minimum.
- The calculator shows the payoff timeline and total interest paid.
Understanding the inputs & results
Outstanding balance
The total amount owed on your credit card.
APR (Annual Percentage Rate)
The annual interest rate on your credit card balance. Indian credit cards typically charge 36–48% p.a.
Minimum payment
The smallest amount you can pay without incurring a late fee — usually 2–5% of the balance or ₹500, whichever is higher.
Payoff time
The number of months until your balance reaches zero.
Total interest
The cumulative interest paid from now until the card is fully paid off.
The formula
Months to payoff
n = −log(1 − r × B / P) / log(1 + r)
B = balance, r = monthly rate (APR / 12 / 100), P = monthly payment. Minimum payment mode iterates month-by-month as the minimum changes with the balance.
Worked example
₹50,000 balance at 42% APR (3.5%/month). Fixed payment ₹3,000.
- r = 0.035; monthly interest in month 1 = 50,000 × 0.035 = ₹1,750.
- Principal paid = 3,000 − 1,750 = ₹1,250. Balance = ₹48,750.
- Payoff in ≈ 22 months. Total interest ≈ ₹16,000.
✓ 22 months to pay off; total interest ≈ ₹16,000 on a ₹50,000 balance.
Frequently asked questions
This calculator uses a flat monthly rate for simplicity. Actual interest calculation may differ slightly by issuer. Always check your statement for exact charges.