How to Use This Calculator
Enter your current credit card balance, the APR, and how much you plan to pay each month. The calculator shows how long it will take to pay off and how much interest you will pay.
Tip: Try increasing your monthly payment to see how much time and money you can save.
Formula
The payoff time is calculated using: n = -log(1 - Br/P) / log(1 + r)
Where B = balance, r = monthly rate, P = monthly payment.
Examples
Example
$5,000 balance at 22% APR, paying $200/month:
Payoff Time: 32 months
Total Interest: $1,314
Frequently Asked Questions
What happens if I only pay the minimum?
Paying only the minimum (typically 1-3% of balance) means it could take 15-30 years to pay off and you may pay more in interest than the original balance.
Should I pay off the highest APR card first?
The avalanche method (paying highest APR first) saves the most money mathematically. The snowball method (paying smallest balance first) provides psychological wins. Both are valid strategies.