GlenCalc

Credit card payoff calculator

Enter your card balance and APR. Choose a monthly payment to see how long payoff takes, or a target number of months to see the payment you need.

Shown on your statement. Card APRs above 36% are uncommon but this accepts them.

Your answer

Paid off in2 years 9 months
Total interest$2,100.76
Total paid$8,100.76
Interest in the first month$114.50

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How we worked it out

Updated as you change the numbers.

  1. Monthly rate = 22.9% ÷ 12 = 1.9083%, so the first month’s interest is $114.50.
  2. Months = −ln(1 − balance × r ÷ payment) ÷ ln(1 + r) = 32.4, so 33 payments.

Method and assumptions

Card interest is charged monthly at the APR ÷ 12 on the balance. The calculator assumes no new purchases and a fixed payment. Most cards actually compute interest daily on the average balance, which gives very similar results.

Questions

How long does it take to pay off $6,000 at 22.9% paying $250 a month?

33 months (2 years 9 months), with about $2,100 of interest.

Sources

Method and figures checked on . Every worked answer on this page is covered by an automated test. Found a mistake? Tell us.

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