Credit card payoff calculator
How many months it takes to clear a credit card balance at a fixed monthly payment, and the interest it costs.
Assumes no new spending, no fees and monthly interest. Card issuers usually calculate interest daily, so real figures differ slightly.
How this calculator works
The number of months is n = −ln(1 − r × B ÷ m) ÷ ln(1 + r), where B is the balance, m the payment and r the monthly rate (annual rate ÷ 12).
Worked example: $5,000 at 20.99% with $200 a month takes 34 months and costs roughly $1,630 in interest. Raising the payment to $300 cuts it to 20 months and about $960 of interest. The payment must be more than the monthly interest or the debt never shrinks.
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