Credit Card Payoff Calculator

Credit Card Debt Payoff Calculator

Input Fields

Outstanding Balance

P

$

Enter your current outstanding balance

Annual Interest Rate

r

%

Enter your annual interest rate

Monthly Payment

M

$

Enter how much you will pay each month

CalculateReset

Calculate automaticallyIf enabled, the result will update automatically when you change any value.

Your Results

Months to Payoff

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Credit Card Payoff Time Formula

$$n = \frac{-\log\left(1 – \frac{r \times P}{M}\right)}{\log(1 + r)}$$

Where:

• $$n$$ = Number of months to pay off the balance
• $$r$$ = Monthly interest rate (annual rate divided by 12)
• $$P$$ = Outstanding balance (principal)
• $$M$$ = Monthly payment amount

The Credit Card Payoff Calculator helps you determine the time needed to eliminate your credit card debt. It calculates the number of months required based on your current balance, monthly payment, and interest rate, allowing you to plan repayment strategies more effectively.