How to Use the Credit Card Payoff Calculator
Enter your outstanding balance and APR. Enter your monthly payment or use the minimum payment mode (2% of balance or ₹500, whichever is higher). The calculator shows payoff timeline and total interest cost.
Credit Card Payoff Calculator Formula
n = −log(1 − balance×r/payment) / log(1+r)r= Monthly rate = APR/12/100
Example Calculation
₹50,000 balance, 36% APR, paying ₹2,000/month:
r = 36/12/100 = 0.03; n = −log(1 − 50000×0.03/2000)/log(1.03)
Payoff in 41 months; Total interest ≈ ₹32,000
Frequently Asked Questions
How long does it take to pay off credit card debt with minimum payments?
Paying only the minimum (usually 2% of balance or ₹500) on a ₹50,000 balance at 36% APR takes over 15 years and costs more than ₹1,00,000 in interest — more than double the original debt.
What is a good strategy to pay off credit card debt fast?
The avalanche method: pay minimums on all cards, put extra money on the highest-interest card first. The snowball method: pay off smallest balance first for psychological wins. Avalanche saves more money; snowball builds momentum.