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Credit Card Payoff Calculator

Enter your balance, the interest rate and what you can pay each month to see when you’ll be debt-free and what it costs — and how much worse paying only the minimum is.

Runs in your browser Free · no sign-up

At a glance

  • Shows how many months a fixed payment takes to clear a card, the total interest, and the month of the last payment.
  • Or set a deadline — “debt-free in 12 months” — and get the monthly payment needed.
  • Takes the rate per month (as Indian banks quote it) or per year (APR), and can add the 18% GST charged on interest in India.
  • Compares your plan with paying only the minimum due: on ₹1,00,000 at 3.5% a month, minimum payments take over 28 years and cost about ₹3.7 lakh in interest and GST; ₹10,000 a month clears it in 14 months for about ₹31,700.
  • Warns when a payment is too small to ever clear the card because it doesn’t cover the monthly interest.
  • Month-by-month chart and schedule, downloadable as CSV. Works in five currencies and runs in your browser.

Step by step

How to calculate a credit card payoff

  1. 1

    Enter the balance

    Type the amount you owe on the card.

  2. 2

    Enter the interest rate

    Use the monthly rate from your statement (for example 3.5%) or the yearly APR.

  3. 3

    Choose a plan

    Enter the amount you can pay each month, or the number of months you want to finish in.

  4. 4

    Compare

    Read the time, the interest and the saving against minimum payments.

Features

Everything you need, nothing you don’t

Time to debt-free

Months, the payoff month and the total cost for any payment.

Pay-by-date planner

Turn a target date into a monthly amount.

Minimum-payment trap

See, in rupees and years, what paying only the minimum really costs.

GST included

Counts the 18% GST on finance charges that Indian statements add.

Schedule

How much of each payment is interest and how much reduces the balance.

Private

Your numbers are not stored or sent anywhere.

How credit card interest works

If you don’t pay the full bill by the due date, the card charges interest on what you owe — typically 3% to 3.75% a month in India, which is 36% to 45% a year. In India, 18% GST is added to that interest. Each payment first covers these charges; only the rest reduces the balance.

The months to clear a balance B with a fixed payment P at monthly rate r are n = −ln(1 − r·B ÷ P) ÷ ln(1 + r). If P is not larger than r·B, the balance never falls.

What ₹1,00,000 at 3.5% a month costs (with GST)

You pay each monthTime to clearInterest + GST
Minimum due only (5%)28 years 5 monthsabout ₹3,72,900
₹6,6462 yearsabout ₹59,500
₹10,0001 year 2 monthsabout ₹31,700
₹10,7361 yearabout ₹28,800

Ways to pay less interest

  • Pay more than the minimum — even a little more cuts years off.
  • Stop using the card until it is cleared; new purchases lose the interest-free period while a balance is carried.
  • Ask your bank to convert the balance to EMIs, or use a lower-rate personal loan, and compare the total cost here.
  • Pay as early in the cycle as you can, since interest is charged daily.

FAQ

Frequently asked questions

How long will it take to pay off my credit card?

It depends on the balance, the rate and your payment. For ₹1,00,000 at 3.5% a month with GST, ₹10,000 a month takes 14 months; ₹5,000 a month takes 3 years 8 months. Enter your own numbers above.

Why is paying only the minimum due a bad idea?

The minimum is usually 5% of what you owe, barely more than the monthly interest and GST, so the balance hardly falls — and as it falls, the minimum falls too. A ₹1,00,000 balance can take decades and cost several times the original amount.

Is GST charged on credit card interest?

In India, yes: 18% GST applies to finance charges, late fees and other card fees. A 3.5% monthly rate therefore costs about 4.13% a month in practice.

What is the difference between the monthly rate and APR?

APR is the yearly rate: the monthly rate × 12. A card charging 3.5% a month has an APR of 42%. Switch the rate between “per month” and “per year” to use whichever your statement shows.

Does this include new purchases?

No. It assumes you stop adding to the balance. If you keep spending on the card, payoff takes longer.

Is my data stored?

No. The calculation runs in your browser.

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