# Credit Card Payoff Calculator

This credit card payoff calculator is an uncomplicated yet helpful tool for **managing your credit card debt**. With its help, you can calculate how much time you need to be completely debt-free. You can also use this calculator to determine the monthly credit card payments.

If you also happen to have another loan – for instance, secured on your house – head straight to our mortgage calculator.

## How long to pay off a credit card?

The first question you can answer with the help of this calculator is: **how long will it take me to pay off my credit card debt?**

To find an answer to that question, you have to input the following values into our credit card payment calculator:

**Credit card balance**. This value is the sum of charges you owe to the credit card company. If you don't know what your balance is, check your most recent credit card statement.**Interest rate (APR)**. APR stands for**annual percentage rate**. It is the amount the credit card issuer charges, expressed as a percentage of your initial debt.**Monthly payment**. This value describes how much you can afford to allocate each month towards paying off your credit card. Remember that credit card issuers always set a minimum monthly payment.

After choosing these values, the credit card payoff calculator will automatically find out how many months it will take until you are debt-free.

The calculator displays an additional value – the **total paid** figure shows the sum of all payments that you'll make. You can probably notice that the longer it takes to pay off your credit card, the higher the **total paid** becomes.

⚠️ If the calculator doesn't show an answer for how long it will take to pay off your credit card, try **increasing your monthly payment**.

🙋 Did you know that credit card numbers are not *entirely* random? They are generated to pass a Luhn validation test. Check our Luhn algorithm calculator to learn more!

## Determining the monthly credit card payment

You can also use our credit card payoff calculator to perform a reverse calculation. Instead of calculating the payoff time, you can choose it arbitrarily and answer a different question: **what monthly payments do I need to make to pay off my card by a specific time?**

In order to determine the value of a monthly payment, our calculator uses the following formula:

**P = R × CCB / (1 - (1 + R)**^{(-T)})

where:

**P**– Monthly payment;**R**– Interest rate;**CCB**– Initial credit card balance; and**T**– Number of months until the debt is paid.