Credit Card Payoff
Plan your debt repayment
₹
₹1,000₹10,00,000
%
0%60%
₹
₹500₹1,00,000
Enter valid numbers above.
Mathematical Formula
How is Credit Card Interest & Payoff Time calculated?
N = -log(1 - (r * P) / A) / log(1 + r)
Worked Example
Suppose you have ₹50,000 in credit card debt at an APR of 36% (which is 3% per month). If you pay ₹5,000 every month, the formula calculates the number of months required to bring the balance to zero. In this case, you will pay off the debt in 13 months, but you will have paid ₹8,745 purely in interest! That means you ended up paying ₹58,745 for a ₹50,000 debt.
How to Use This Calculator
1
Enter your outstanding credit card balance.
2
Input the Annual Percentage Rate (APR) charged by your bank (usually 36-42%).
3
See instantly how many months it takes to become debt-free, and how much you lose in interest.