Credit Card Payoff Calculator
Result
Credit Card Payoff Calculator — free online calculator.
Formula
- Estimate the number of months needed to pay off a balance using a fixed monthly payment and APR.
- Use monetary amounts, rates and time periods exactly as labeled; the result reflects the assumptions entered on this page.
- Changing any input above recalculates the result with the same calculation engine used by this page.
Example: Credit Card Payoff
The payoff model assumes a constant monthly rate and fixed monthly payment. The payment must exceed the first month’s modeled interest.
Sample result: Calculating…
Frequently asked questions
What does the Credit Card Payoff calculate?
For a balance B, monthly rate i, and payment P, the logarithmic payoff formula estimates the number of months until the balance reaches zero.
Which values should I enter?
Enter the values requested by the calculator using the labels and units shown on the page.
What formula does this calculator use?
The calculator uses the following relationship: Months = −ln(1 − iB/P) / ln(1+i), where i = APR / 1200.
Why might my result differ from another source?
Results can differ when another source uses different units, rounding rules, conventions or assumptions. Compare the inputs and definitions before comparing results.
Does the result update automatically?
Yes. Changing an input updates the result using the same calculation engine shown on this page.