Debt
Credit Card Payoff
Debt freedom plan
Find out how long it will take to pay off your credit card balance with monthly payments, and how much interest you'll pay. See the impact of paying more than the minimum.
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How It Works
Months = −log(1 − r×B/PMT) ÷ log(1 + r)
B = balance · r = monthly rate · PMT = monthly payment
$5,000 · 22% APR · $200/mo
- 1r = 0.01833
- 2Months = −log(1 − 0.01833×5000/200) ÷ log(1.01833)
- 3Months ≈ 32.7
Result: ≈ 33 months · ~$1,550 in interest
Pro Tip
Pay 2× the minimum to cut years and thousands off the total.
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How to Use This Calculator
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