Loans & savings
Credit Card Payoff Calculator
Enter your balance, the card's APR and what you plan to pay each month. The calculator assumes you stop adding new charges to the card.
Your result will appear here.
How it's calculated
Card interest is charged monthly at the APR divided by 12. Each month the calculator adds that interest to the balance and takes off your payment, until the balance reaches zero. If your payment is smaller than the first month's interest, the balance never goes down.
Months = −log(1 − B × r ÷ P) ÷ log(1 + r)
How to do it in Excel
=NPER(22.9%/12, -250, 6000)- Number of months to pay off the balance. Round up with ROUNDUP.
=PMT(22.9%/12, 24, -6000)- Payment needed to clear the card in 24 months.