Credit Card Payoff Calculator
Find how long a credit card balance takes to pay off, or the monthly payment needed to clear it by a target date.
Months to pay off
34 (2.8 years)
- Total interest
- 1,749.88
- Total paid
- 6,749.88
- Final payment
- 149.88
Show the work
Monthly interest rate
r = APR ÷ 100 ÷ 12
22 ÷ 100 ÷ 12 = 0.01833333333
Month 1: add the interest, subtract the payment
B + B × r − payment
5,000.00 + 91.6667 − 200.00 = 4,891.67
Repeat every month until the balance reaches 0
months = payments until B ≤ 0
34 (2.8 years)
Estimates for general information only — not financial advice.
How it works
Months = −ln(1 − B·r ÷ P) ÷ ln(1 + r), where r = APR ÷ 12
Questions
- How does the credit card payoff calculator work?
- Months = −ln(1 − B·r ÷ P) ÷ ln(1 + r), where r = APR ÷ 12.
- What do I need to enter?
- Card balance, APR, I want to, Monthly payment, Months to pay off. Optional fields can be left blank.
Related tools
- Compound Interest CalculatorGrow a starting balance with compound interest and optional monthly contributions.
- Simple Interest CalculatorCalculate simple (non-compounding) interest on a principal over time.
- Savings Goal CalculatorFind how much to save each month to reach a goal by a deadline.
- Future Value CalculatorFind what a present amount and optional regular payments will be worth in the future.
- Present Value CalculatorFind what a future amount (and optional regular payments) is worth today at a given discount rate.
- ROI CalculatorCalculate return on investment, and the annualized return if you know how long you held it.
Want this on your site? Embed the credit card payoff calculator.