Credit Card Payoff Calculator
How to Use the Credit Card Payoff Calculator
This calculator helps you determine:
✅ How long it will take to pay off your credit card debt
✅ Total interest you’ll pay over time
Step-by-Step Guide
1. Enter Your Credit Card Details
- Current Balance (₹) – Your total outstanding credit card debt.
- Annual Interest Rate (%) – The APR (Annual Percentage Rate) of your card (e.g., 18%, 24%).
- Monthly Payment (₹) – The fixed amount you plan to pay every month.
2. Click “Calculate Payoff”
The calculator will process your inputs and show:
- Payoff Time – Estimated time (in years & months) to clear the debt.
- Total Interest Paid – Extra amount you’ll pay due to interest.
Example Calculation
| Input | Value |
|---|---|
| Current Balance | ₹50,000 |
| Annual Interest Rate | 18% |
| Monthly Payment | ₹5,000 |
Result:
- Payoff Time: 11 months
- Total Interest Paid: ₹3,200
Tips for Faster Payoff
🔹 Increase Monthly Payments – Even a small increase reduces interest.
🔹 Avoid New Purchases – Stop using the card while paying off debt.
🔹 Consider Balance Transfers – Move debt to a lower-interest card if possible.
What If the Calculator Shows an Error?
❌ “Payment is too low to pay off the debt” → Your monthly payment doesn’t cover the interest, so the debt grows instead of shrinking. Increase your payment.
❌ “Takes more than 50 years” → The payment is too low. Try paying more.