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Credit Card Repayment Calculator: Plan Your Debt-Free Date
The Credit Card Repayment Calculator estimates how long it will take to pay off a balance based on your APR and monthly payment. Use it to minimize interest, compare payoff scenarios, and lock in a target debt-free date.
1) What This Calculator Does
Given your balance, annual interest rate (APR), and planned monthly payment, the tool calculates an estimated payoff time and totals for interest and overall cost—assuming no new purchases or fees.
2) Inputs
| Input | Description |
|---|---|
| Balance Owed | Your current credit card balance. |
| Interest Rate (APR) | The annual percentage rate applied to your balance. |
| Monthly Payment | The amount you plan to pay each month toward the balance. |
3) How It Works (Formula)
Months to payoff:
n = -ln(1 - r·P / M) / ln(1 + r)
P= current balance (principal)r= monthly interest rate = APR ÷ 12M= fixed monthly paymentn= number of months to repay
Totals:
Total Interest = M · n − P | Total Paid = P + Total Interest
Important: repayment is not possible if M ≤ r·P (your payment doesn’t cover monthly interest). Increase M to at least r·P + some principal.
4) Outputs
| Output | What It Means |
|---|---|
| Payoff Time | Estimated months (and years) to eliminate the balance. |
| Total Interest Paid | Total interest accumulated over the payoff period. |
| Total Cost | Principal plus interest—your all-in repayment amount. |
5) Practical Use Cases
- Strategy compare: Minimum vs. fixed vs. accelerated payments.
- Budgeting: Set a monthly payment to hit a target payoff date.
- Interest savings: See the impact of increasing M by $25–$100.
- Consolidation check: Model a lower-APR loan or balance transfer.
6) FAQ
How accurate is the Credit Card Repayment Calculator?
It’s an estimate based on your inputs and assumes no new purchases or fees. Actual results can vary with APR changes, penalties, or extra charges.
Can I include multiple credit cards?
Use one run per card, then combine results to plan snowball or avalanche strategies.
What if I only make the minimum payment?
Minimum payments dramatically extend payoff time and raise total interest. Increasing your payment shortens n and reduces interest.
How can I pay off my credit card faster?
Boost monthly payments, avoid new charges, and consider a lower-APR balance transfer or consolidation loan.
Does this calculator include compound interest?
Yes—APR is applied as monthly compounding to reflect typical card interest accrual.
