See exactly how long it takes to pay off your credit card balance and how much total interest you'll pay — so you can make smarter debt repayment decisions.
Enter balance, interest rate and monthly payment. The calculator shows payoff timeline, total interest, and how much you can save by paying more each month.
This calculator earns its keep at decision points: before accepting a loan, comparing investment platforms, or negotiating salary. The difference between the headline figure and the true cost or return is only visible with accurate arithmetic.
A frequent error is using annual rates where monthly rates are required (or vice versa). Simply dividing an annual rate by 12 is only an approximation — the correct conversion for compound calculations uses the (1 + r)^(1/12) − 1 formula.
An employee receives a counter-offer from another employer: a £4,000 salary increase but no pension contribution versus the current role's lower salary with 8% employer pension. Running both through the finance calculator shows the true net financial value of each offer.
Credit Card Payoff Formula
Months to pay off = −log(1 − (r × Balance / Payment)) ÷ log(1 + r)
Where r = monthly interest rate (APR ÷ 12). If payment is less than the monthly interest, you'll never pay it off.
You have a $5,000 balance at 20% APR and pay
Result: Payoff time = 45 months — total interest =
Increase your monthly payment — even $50 extra saves months. Consider balance transfer cards with 0% introductory APR.
US average credit card APR is 20–24% as of 2024. Always pay the full balance to avoid these high rates.
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