Calculator
Credit Card Payoff Calculator
Credit card debt is the most expensive borrowing most Indians ever take on — APRs of 36–48% are normal. This calculator shows how many months it takes to clear an outstanding balance if you pay a fixed amount each month, and how much interest that costs you. Enter your balance, the card APR, and the monthly payment you can manage to see your debt-free date and the true price of carrying a balance. The result makes one thing obvious: paying only the minimum keeps you in debt for years, so always pay as much as you can.
The amount you currently owe on the card.
Indian cards typically charge 36–48% per year.
The fixed amount you pay every month.
How your payments clear the debt
- Principal
- Interest
Assumes a fixed APR, the same payment every month, and no new spends on the card. If your payment is less than or equal to one month of interest, the balance never reduces and the result shows 0. Excludes late fees, GST on interest and charges, and any over-limit fees.
What your result means
- Credit cards charge ~36–42% a year — the most expensive everyday debt there is — so this balance should be your first target, ahead of almost everything.
- Paying only the minimum-due can stretch a payoff to a decade or more; the result here shows why paying in full is non-negotiable.
- If you cannot clear it at once, converting to an EMI or a lower-rate balance transfer beats letting it revolve at full card rates.
How to use this calculator
- Enter your current outstanding card balance from the latest statement.
- Enter the card APR — check your statement or card terms; Indian cards are usually 36–48%.
- Enter the fixed amount you can pay every month, above the minimum due.
- Read the time to clear and the total interest — that is what carrying the balance costs.
- Raise the monthly payment to see how quickly the debt disappears and how much interest you save.
The formula
Months n = ln[ M ÷ (M − B × i) ] ÷ ln(1 + i), where B = balance, i = monthly interest rate (APR ÷ 12 ÷ 100), and M = monthly payment. Valid only when M > B × i. If i = 0, then n = B ÷ M. Total repaid = M × n, and total interest = (M × n) − B.
Worked example
On a ₹1,00,000 balance at 36% APR, paying ₹6,000 a month: i = 0.03/month, so the first month alone charges ₹3,000 in interest. The balance clears in about 20 months and you pay roughly ₹1,19,000 in total — about ₹19,000 of pure interest. Now compare paying only a 5% minimum (about ₹5,000, falling each month): the balance would take many years to clear and cost far more in interest. Paying ₹10,000 a month instead clears it in about 11 months with interest of roughly ₹9,500.
When to use it
- Seeing how long a card balance lasts if you only ever pay a fixed amount.
- Comparing paying the minimum due against paying a larger fixed sum each month.
- Deciding whether a balance transfer to a lower rate is worth the transfer fee.
- Setting a realistic debt-free date and the monthly payment needed to hit it.