Credit Card Payoff Calculator
Calculate your credit card payoff timeline, interest costs, and discover optimal repayment strategies to become debt-free faster.
Enter Debt Details
Payoff Schedule
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|
Strategy Comparison
Smart Debt Payoff Tips
Paying ₹500 extra each month could save you ₹3,200 in interest and reduce payoff time by 8 months.
About Credit Card Payoff Calculator
This Credit Card Payoff Calculator helps you create a strategic plan to eliminate credit card debt efficiently. Calculate your payoff timeline, total interest costs, and discover optimal repayment strategies.
How Credit Card Payoff Works
Minimum Payment Calculation
Minimum Payment = (Balance × Minimum Percentage) + Fees
Typically 3-5% of balance plus interest and fees
Interest Calculation
Monthly Interest = (Balance × APR) ÷ 12
Daily Interest Rate = APR ÷ 365
Principal Reduction
Principal Paid = Payment - Interest
New Balance = Old Balance - Principal Paid
Payoff Timeline
Months to Payoff = -log(1 - (Balance × Rate ÷ Payment)) ÷ log(1 + Rate)
Where Rate = Monthly Interest Rate
Debt Repayment Strategies
Debt Snowball Method
- Approach: Pay minimums on all cards
- Focus: Extra payments to smallest balance first
- Benefit: Quick wins build motivation
- Best For: Psychological motivation seekers
Debt Avalanche Method
- Approach: Pay minimums on all cards
- Focus: Extra payments to highest interest first
- Benefit: Saves most money on interest
- Best For: Mathematical optimization seekers
Fixed Payment Method
- Approach: Pay fixed amount monthly
- Focus: Consistent payments until paid off
- Benefit: Predictable budgeting
- Best For: Consistent income earners
Aggressive Payoff
- Approach: Pay maximum possible monthly
- Focus: Quickest possible debt elimination
- Benefit: Shortest payoff time
- Best For: Those with extra cash flow
Credit Card Payoff Examples
| Balance | APR | Monthly Payment | Payoff Time | Total Interest | Savings vs Min |
|---|---|---|---|---|---|
| ₹25,000 | 18% | ₹500 (Min) | 7 years 2 months | ₹12,800 | ₹0 |
| ₹25,000 | 18% | ₹1,000 | 2 years 6 months | ₹3,200 | ₹9,600 |
| ₹50,000 | 24% | ₹1,000 (Min) | 8 years 4 months | ₹38,400 | ₹0 |
| ₹50,000 | 24% | ₹2,500 | 2 years 2 months | ₹6,800 | ₹31,600 |
Debt Payoff Tips
- Pay More Than Minimum: Even small extra payments significantly reduce payoff time
- Balance Transfer: Consider 0% APR balance transfer offers for high-interest cards
- Debt Consolidation: Combine multiple debts into one lower-interest loan
- Automatic Payments: Set up auto-pay to avoid missed payments and late fees
- Cut Expenses: Redirect savings to debt payments
- Windfall Payments: Use bonuses, tax refunds, or gifts for extra payments
- Negotiate Rates: Call credit card companies to request lower interest rates