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Estimate credit card interest and payoff time from balance, APR, and monthly payment — see total interest and months to zero.
Estimate credit card interest and payoff time from balance, APR, and monthly payment — see total interest and months to zero.
Enter values above and click Calculate — results will appear here with the formula explained.
Credit cards accrue interest monthly on remaining balance at APR/12. This iteratively projects balance with monthly rate and fixed payment until zero, giving months and interest. It assumes no new purchases, constant APR and payment, and minimum payment at least covers monthly interest.
If payment is too low (payment ≤ monthly interest), balance never declines — calculator flags it.
This uses average daily balance method, most common for cards (Source: CFPB). It ignores new purchases, cash advance higher APR, fees, and variable APR changes. For revolving debt, this is YMYL — paying minimum keeps you in debt for years; National Foundation for Credit Counseling recommends paying 2-3× minimum or seeking nonprofit counseling if stuck.
Estimate credit card interest and payoff time from balance, APR, and monthly payment — see total interest and months to zero. Formula: Months = -log(1 - r*b / p) / log(1+r) where r=APR/12/100, b=balance, p=payment.
Credit cards accrue interest monthly on remaining balance at APR/12. This iteratively projects balance with monthly rate and fixed payment until zero, giving months and interest. It assumes no new purchases, constant APR and payment, and minimum payment at least covers monthly interest.
If payment is too low (payment ≤ monthly interest), balance never declines — calculator flags it.
This uses average daily balance method, most common for cards (Source: CFPB). It ignores new purchases, cash advance higher APR, fees, and variable APR changes. For revolving debt, this is YMYL — paying minimum keeps you in debt for years; National Foundation for Credit Counseling recommends paying 2-3× minimum or seeking nonprofit counseling if stuck.
With $5,000 at 22.9% APR paying $200/mo, payoff takes about 33 months, with about $1,540 in interest (total $6,540).
Formulas are standard public references (see our methodology). External standards are cited in the text where they apply.
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