Credit Card Payoff Calculator
Find how long it will take to pay off a credit card balance.
Assumptions used in this calculation
- Interest compounding: Interest accrues monthly on the outstanding balance at APR ÷ 12, this ignores the daily compounding some issuers use, which produces a slightly higher real-world cost.
- No new charges: Assumes no additional purchases or fees are added to the card while paying it down, and that the fixed monthly payment is made in full every month.
About this calculator
Credit card APRs are among the highest interest rates most people ever borrow at, often 30-45% annually, which means a balance that looks manageable on paper can take far longer to clear and cost far more in interest than a linear guess would suggest, since interest recalculates on the remaining balance every single month. This calculator simulates the payoff month by month: each month, interest accrues on the outstanding balance at APR ÷ 12, then your fixed monthly payment is applied, reducing the balance for the next month's interest calculation. It reports exactly how many months it will take to reach zero and the total interest you'll pay along the way, and flags the scenario where your payment doesn't even cover the month's interest charge, meaning the balance would never shrink, a trap that's easy to fall into with only the minimum-payment figure on a statement.
Worked example
₹1,00,000 balance, 36% APR, ₹5,000/month payment
Result: Paid off in 31 months; ₹54,995 in total interest
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