Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card balance and how much total interest you will pay.
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Payoff Timeline
Credit card payoff is calculated using the standard amortization formula:
Months = -log(1 - (balance × r / payment)) / log(1 + r)
Where:
- balance = Current credit card balance
- r = Monthly interest rate (APR / 12)
- payment = Fixed monthly payment amount
Total interest paid = (Monthly payment × Months) - Original balance
Important notes:
- Your monthly payment must exceed the monthly interest charge, otherwise the balance will never be paid off
- Minimum monthly interest = Balance × (APR / 12)
- Paying even $50 extra per month can save you years of payments and thousands in interest
- The average U.S. credit card APR is approximately 20-24%