About the Credit Card Payoff Calculator
Credit card interest is very high, often 36% to 45% a year, so unpaid balances grow fast. This calculator shows how long it takes to clear your dues and how much interest you will pay.
Enter your balance, interest rate and the amount you can pay each month.
Formula used
Each month: interest = balance × annual rate ÷ 12. Balance = balance + interest − payment.
Frequently asked questions
Why does it take so long with small payments?
If your payment is close to the monthly interest, very little reduces the principal.
Should I pay only the minimum due?
Paying only the minimum keeps you in debt for years and costs a lot in interest.
What is the fastest way out?
Pay as much as you can, stop new spending on the card, and consider a lower-rate personal loan if the numbers work.