Credit Card Payoff Calculator
Find how long it takes to pay off a credit card balance.
Credit Card Payoff Calculator
Enter your values and calculate
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How This Calculator Works
Credit cards compound daily/monthly at high APRs. This calculator simulates each month: interest accrues on the remaining balance, then your payment is subtracted. If your payment doesn't cover the interest, the balance never drops — increase it.
Formula
Each month: balance = balance × (1 + APR/12) − payment
Example
An $8,000 balance at 22% APR paid at $300/mo takes about 3 years and 4 months and costs ~$3,960 in interest.
Practical Use Cases
- Debt elimination planning
- Comparing payment strategies
- Balance transfer decisions