Credit Card Payoff Calculator
Credit card payoff calculator: how many months to clear a balance with a fixed payment, the total interest, or the payment needed to be debt-free by a date.
n = −ln(1 − r·B / M)ln(1 + r)
How to use this calculator
- Choose the quantity you want under “Solve for”.
- Type the known values and pick their units: any combination works.
- The result updates as you type. Open “Show the steps” to see the substitution.
Each month interest of APR/12 is added and your payment is subtracted. The payment must exceed the monthly interest or the balance never falls.
Estimates for planning only; not financial advice. Your lender’s figures may differ.
Formula
n = −ln(1 − r·B / M)ln(1 + r)
| Symbol | Quantity | Units |
|---|---|---|
| B | Card balance | $, €, £ |
| APR | Annual interest rate (APR) | %, × |
| M | Monthly payment | $, €, £ |
| n | Time to pay off | years, months |
Constants used: r = APR / 12
Worked example
Given: B = 5,000.00 $ · APR = 20 % · M = 200.00 $
n = −ln(1 − r B / M)ln(1 + r)
Result: n = 32.6085 months
Time to pay off for different values of Card balance
| B · Card balance | n · Time to pay off |
|---|---|
| 2,500.00 $ | 14.133 months |
| 3,750.00 $ | 22.668 months |
| 4,500.00 $ | 28.435 months |
| 5,000.00 $ | 32.609 months |
| 5,500.00 $ | 37.092 months |
| 6,250.00 $ | 44.509 months |
| 7,500.00 $ | 59.339 months |
| 10,000.00 $ | 108.4 months |
Other values as in the worked example.
Frequently asked questions
How long to pay off $5,000 at 20 % APR paying $200 a month?
About 32.6 months (2 years 9 months), with roughly $1,522 in interest.
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