Why use this calculator
Credit card debt is expensive. This calculator shows exactly how long payoff will take and motivates you to increase payments.
How to use it
Enter your current balance, APR, and planned monthly payment to see your payoff timeline and total interest costs.
The formula
Months = -log(1 - (Balance × Rate) / Payment) / log(1 + Rate), where Rate is monthly APR.
Worked examples
$5,000 balance at 22% APR with $200/month payments
About 32 months, $1,357 in interest
When people use it
- Debt payoff planning
- Comparing payment strategies
- Financial goal setting
Tips
- Always pay more than the minimum
- Consider balance transfer offers
- The avalanche method (highest rate first) saves the most interest
Questions people ask
- What if I only pay the minimum?
- Minimum payments are typically 1-3% of the balance. At this rate, a $5,000 balance at 22% APR could take over 20 years to pay off and cost thousands in interest.