Credit Card Payoff Calculator
Estimate how long a fixed monthly payment takes to clear one balance.
Your inputs
Use consistent units and periods. Defaults are examples.
Your result
Check the assumptions below before relying on a result.
Formula and method
Each month: interest = opening balance × annual rate ÷ 1200. Payment is capped at balance plus interest. Closing balance = opening balance + interest − payment. Repeat until paid off.
Worked example
At zero interest, a 1,000 balance paid at 250 per month takes four months. At 24% annual interest, the same payment on 5,000 takes 26 months in this monthly-interest model.
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