Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card debt and see how different payment strategies can help you become debt-free faster.
₹10,000 - ₹10,00,000
12% - 48% per annum
₹1,000 - ₹1,00,000
2% - 5% of balance
| Month | Date | Payment | Principal | Interest | Balance |
|---|
Pay More Than Minimum
Increase your payment by just ₹1,000 to save lakhs in interest and years of debt.
Stop New Charges
Avoid using this card until balance is zero. New purchases extend payoff time significantly.
Consider Balance Transfer
A 0% APR balance transfer could save you thousands. Check if you qualify.
A Credit Card Payoff Calculator is a financial planning tool that helps you determine how long it will take to pay off your credit card debt based on your current balance, interest rate, and monthly payment amount. It shows you your debt-free date and calculates the total interest you'll pay over the payoff period.
This calculator is especially useful for comparing different payment strategies - from making only minimum payments to aggressive payoff plans. By visualizing the impact of different payment amounts, you can make informed decisions about how to tackle your credit card debt effectively.
The payoff calculator uses amortization formulas to determine your debt-free timeline:
Monthly Interest Charge:
Interest = Balance × (APR / 12 / 100)Principal Payment:
Principal = Monthly Payment - InterestNew Balance:
New Balance = Old Balance - PrincipalMonths to Payoff:
n = -log(1 - (B × r / P)) / log(1 + r)Where: n = months, B = balance, r = monthly interest rate, P = payment
Example Calculation:
Balance: ₹50,000 | APR: 36% | Monthly Payment: ₹5,000
Monthly Interest: ₹1,500 | Principal: ₹3,500 | Payoff Time: 12 months
Minimum Payment
Pay only the minimum due (typically 2-5% of balance). This is the slowest and most expensive way to pay off debt.
- • Longest payoff time
- • Highest interest cost
- • Can take 10+ years
- • Not recommended
Fixed Payment
Set a fixed monthly payment amount that's higher than minimum. Provides predictable payoff timeline.
- • Moderate payoff time
- • Moderate interest cost
- • Predictable budget
- • Good balance
Aggressive Payoff
Pay as much as possible each month. Fastest way to become debt-free with maximum interest savings.
- • Shortest payoff time
- • Lowest interest cost
- • Maximum savings
- • Highly recommended
See Your Debt-Free Date
Know exactly when you'll be debt-free based on your payment plan. Visualize your path to financial freedom.
Calculate Interest Savings
Compare how much interest you'll save by paying more than the minimum. Small increases make big differences.
Compare Strategies
Evaluate minimum payment vs fixed payment vs aggressive payoff strategies side-by-side.
Motivate Action
See the real impact of extra payments. Even ₹500 more per month can save years of debt and lakhs in interest.
This Credit Card Payoff Calculator provides estimates based on the information you provide. Actual payoff time and interest charges may vary based on your card issuer's specific calculation methods, billing cycles, and any fees or charges applied to your account.
The calculator assumes you make consistent monthly payments and don't make additional purchases on the card. New charges, late fees, or changes to your interest rate will affect your actual payoff timeline. Always refer to your credit card statement for precise balance and interest calculations.
This tool is for educational purposes only and does not constitute financial advice. Consult with a financial advisor for personalized guidance on managing credit card debt and planning your payoff strategy.