Finance

Credit Card Payoff Calculator

Find how long to pay off a credit card balance.

Calculated Output

Months to payoff (months) 33

Total interest ($) 1,521.71

Formula: n = −ln(1 − rB/PMT) ÷ ln(1+r)

Step-by-Step Breakdown

1. Values used:

2. Balance = 5,000 $

3. APR = 20 %

4. Monthly payment = 200 $

6. Months to payoff = 33months

7. Total interest = 1,521.71$

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The math behind it

months = −ln(1 − r×balance ÷ payment) ÷ ln(1 + r). The payment must beat the monthly interest.

$5,000 at 20% APR, $200/mo → ~32 months.

Minimum only?

Paying just the minimum can take decades and cost huge interest.