Credit Card Payoff Calculator
A credit card balance is cleared by paying more than the interest each month. Enter a payment to see the payoff time and the interest you will pay, or a target time to see the payment you need.
Results
Time to pay off
2 years, 4 months
- Monthly payment
- ₹8,000.00
- Number of payments
- 28
- Total interest
- ₹73,742
- Total paid
- ₹2,23,742
Paying ₹8,000.00 a month clears ₹1,50,000.00 in 2 years, 4 months, with ₹73,741.77 in interest (₹2,23,741.77 paid in total).
Balance vs interest
- Balance₹1,50,000 (67.0%)
- Interest₹73,742 (33.0%)
Payoff schedule by year (3 rows)
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| Year 1 | ₹49,672 | ₹46,328 | ₹1,00,328 |
| Year 2 | ₹70,821 | ₹25,179 | ₹29,507 |
| Year 3 | ₹29,507 | ₹2,234 | ₹0 |
Show the calculation steps
- Monthly rate = 36% ÷ 12 = 3%.
- Each month interest is charged on the balance, then your ₹8,000.00 payment reduces it, until it reaches zero: 28 months.
- Total interest = total paid − balance = ₹2,23,741.77 − ₹1,50,000.00 = ₹73,741.77.
- Assumes no new purchases and a fixed APR. Fees and changes in rate are not included.
The minimum-payment trap
Paying only the minimum keeps the balance high for years, because most of the payment covers interest. The higher the APR, the more a larger payment shortens the road. Try adding a little to your payment and watch the interest fall.
Stop adding to the balance
The calculation assumes no new purchases. If you keep spending on the card, the payoff time will be longer than shown.
Formula
Each month: interest = balance × APR ÷ 12; balance = balance + interest − payment
Payment for a target: EMI = B × r × (1 + r)^n ÷ ((1 + r)^n − 1)
Where:
- B
- = Balance
- r
- = Monthly rate (APR ÷ 12)
- n
- = Months
Example calculation
₹1,50,000 at 36% APR, paying ₹8,000 a month
Inputs
- Card Balance
- ₹1,50,000
- APR
- 36 %
- What do you want to find?
- How long a monthly payment takes
- Monthly Payment
- ₹8,000
Result
- Time to pay off
- 2 years, 4 months
- Monthly payment
- ₹8,000.00
- Number of payments
- 28
- Total interest
- ₹73,742
- Total paid
- ₹2,23,742
Step-by-step
- Monthly rate = 36% ÷ 12 = 3%.
- Each month interest is charged on the balance, then your ₹8,000.00 payment reduces it, until it reaches zero: 28 months.
- Total interest = total paid − balance = ₹2,23,741.77 − ₹1,50,000.00 = ₹73,741.77.
Important notes
- Late fees, annual fees and GST are not included.
Disclaimer: This calculator provides estimates for informational purposes and should not be considered financial advice. Actual figures from lenders, banks and investment products can differ because of fees, taxes, rounding rules and changing rates. Consult a qualified professional before making financial decisions.
Frequently asked questions
How long will it take to pay off my credit card?
Enter your balance, APR and monthly payment. The calculator simulates each month's interest and payment.
Why does the calculator say my payment is too low?
If the payment is no more than the monthly interest, the balance never falls.
How much should I pay each month?
As much as you can. Use the target option to find the payment that clears the card by a date.
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- EMI CalculatorCalculate the equated monthly instalment (EMI) on a home, car or personal loan, plus the total interest and a year-by-year repayment schedule.
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