Credit Card Payoff Calculator: Estimate Your Debt-Free Timeline
Enter your card balance, planned monthly payment, and the daily interest rate to see exactly how many months—and years—you need to become debt-free. The tool applies a logarithmic formula that reflects daily compounding but monthly payments, so results stay close to real-world billing cycles. Average U.S. credit-card APR reached 22.77 % in 2023 (Federal Reserve, 2024).
Credit Card Payment Calculator
Result:
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How to use the tool
Balance ($) – type the amount you owe. Example 1: $2,750. Example 2: $6,450.
Monthly Payment ($) – enter what you can pay each month. Example 1: $200. Example 2: $250.
Daily Interest Rate (%) – divide your APR by 365. A 19 % APR becomes 0.0521 %.
Press Calculate. The calculator displays the payoff time in months and years.
Formula behind the result
The script solves for N, the number of monthly payments:
Average U.S. credit-card APR: 22.77 % (Federal Reserve G.19, 2024).
Issuers usually compound interest daily, bill monthly (CFPB, 2023).
Minimum payment can be 1 % of balance + interest (CFPB, 2023).
Paying $100 extra on $5k at 18 % APR halves payoff time (Bankrate, 2024).
FAQ
What does this calculator do?
It predicts how many months you need to clear a fixed credit-card balance using fixed payments and a fixed daily rate.
How do I find my daily interest rate?
Divide the Annual Percentage Rate by 365; a 20 % APR becomes 0.0548 % (CFPB, 2023).
Why must my payment exceed monthly interest?
Otherwise the balance grows; your payment must cover new interest plus principal (Federal Reserve, 2024).
Can I include new purchases?
No. The calculation assumes no additional charges or fees; add them to the balance before computing.
What if my interest rate changes?
Recalculate each time the APR shifts; a higher rate lengthens payoff time, a lower rate shortens it.
Does the tool handle 0 % promotional periods?
Yes—enter a daily rate of 0 and see how fast principal alone disappears.
How often should I rerun the numbers?
Update monthly to track progress and adjust payments when your budget or rate changes (NFCC, 2023).
Is the math reliable?
The formula mirrors daily compounding; “credit card interest is calculated daily and charged monthly” (CFPB, 2023).
Important Disclaimer
The calculations, results, and content provided by our tools are not guaranteed to be accurate, complete, or reliable. Users are responsible for verifying and interpreting the results. Our content and tools may contain errors, biases, or inconsistencies. We reserve the right to save inputs and outputs from our tools for the purposes of error debugging, bias identification, and performance improvement. External companies providing AI models used in our tools may also save and process data in accordance with their own policies. By using our tools, you consent to this data collection and processing. We reserve the right to limit the usage of our tools based on current usability factors. By using our tools, you acknowledge that you have read, understood, and agreed to this disclaimer. You accept the inherent risks and limitations associated with the use of our tools and services.
