Calculation Information

How It Works

This calculator uses standard amortization formulas to estimate the time required to pay off your credit card debt. It assumes you make a fixed monthly payment and do not make any new purchases during the payoff period. The calculation accounts for compound interest, where interest on the unpaid balance is added to the principal.

The Formula

The formula used to calculate the number of months is based on logarithms:

N = -log(1 - (r * B) / P) / log(1 + r)

N = Months to Payoff
B = Credit Card Balance
P = Monthly Payment
r = Monthly Interest Rate (Annual Rate / 12)

How to Use

Enter your current total credit card balance.
Enter the Annual Percentage Rate (APR), usually found on your statement.
Enter the amount you plan to pay each month.
Click 'Calculate Payoff Time' to see how long it will take to be debt-free and the total interest cost.

Tips & FAQ

This calculator assumes no new charges are made to the card during the payoff period.
If your monthly payment is too low (less than the interest accrued), the debt will never be paid off.
Increasing your monthly payment can significantly reduce total interest paid and shorten the payoff time.
Results are estimates; actual payoff may vary slightly due to specific bank interest calculations.