Credit Card Payoff
See how long it takes to pay off a credit card balance at a set payment.
About Credit Card Payoff
Card interest accrues monthly on the remaining balance, so the payoff time depends on how much of each payment goes beyond interest. Paying more than the minimum dramatically shortens the term and total interest. Credit card debt compounds interest at high rates, so the payoff timeline is the clearest motivation to pay significantly above the minimum.
Formula
Credit Card Payoff
Months = -ln(1 - r x B / P) / ln(1 + r)
- r
- monthly rate
- B
- balance
- P
- monthly payment
Worked example
With the default values below, Credit Card Payoff returns Months to Payoff of 47. Change any input above and every figure here is recalculated in your browser.
Inputs used
- Balance
- 5,000
- Annual interest rateaccepts 0–100 %
- 18 %
- Monthly payment
- 150
Results
- Months to Payoff
- 47
- Years to Payoff
- 3.9
- Total Interest
- $2,050.00
Step by step
- 1Values used
- 2Credit Card Payoff
- 3Months to Payoff= 47
- 4Years to Payoff= 3.9
- 5Total Interest= 2,050.00
Assumptions and limits
- The result is derived only from the 3 inputs listed above. Anything not among them is not part of the calculation.
- In particular, this calculator does not take inflation, tax or fees or charges into account.
- Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
- This is an estimate for general information and not professional financial, tax or legal advice. See the full disclaimer for the limits that apply to this kind of calculator.
How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.
Frequently Asked Questions
How is Credit Card Payoff calculated?
Months = -ln(1 - r x B / P) / ln(1 + r) Card interest accrues monthly on the remaining balance, so the payoff time depends on how much of each payment goes beyond interest. Paying more than the minimum dramatically shortens the term and total interest.
Why does Credit Card Payoff matter?
Credit card debt compounds interest at high rates, so the payoff timeline is the clearest motivation to pay significantly above the minimum.
What values do I need to enter?
This calculator takes 3 inputs: Balance, Annual interest rate, Monthly payment. The pre-filled defaults are a realistic starting point — replace them with figures from your own environment for a result you can act on.