Credit Card Payoff Calculator

Credit cards charge high interest that compounds monthly, making even moderate balances expensive to carry. This calculator shows exactly how many months it will take to clear your balance with a given monthly payment, and how much you will pay in interest over that time.

₹50,000
₹
36%
%

Typical credit card APRs range from 24% to 48%.

₹3,000
₹

Must be more than the monthly interest to make progress.

Months to pay off
24 months
Total interest
₹20,360
Total paid
₹70,360

How to pay off a credit card faster

Each month, interest is charged on the remaining balance (APR / 12). Your payment first covers the interest, then reduces the principal. If your payment is too low to cover even the monthly interest, the balance grows - this is how minimum payments trap people in debt.

Formula
Monthly interest = Balance x APR/12 | New balance = Balance + Interest - Payment

Example. A balance of 50,000 at 36% APR with a monthly payment of 3,000 takes about 22 months and costs roughly 16,000 in interest.

Frequently asked questions

What happens if I only pay the minimum?

Credit card minimum payments are typically 2-5% of the balance. At high APRs, most of the minimum goes to interest, not principal. A 50,000 balance on minimums at 36% APR could take over 5 years to pay off.

How can I pay off credit card debt faster?

Pay as much above the minimum as possible - even an extra few hundred rupees/dollars a month dramatically cuts the payoff time. Balance transfers to a lower-rate card or a personal loan can also reduce the interest burden.

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