Credit Card Payment Calculator
Calculate your credit card payoff time, total interest costs, and compare different payment strategies. Supports multiple currencies including USD, EUR, GBP, CAD, AUD, and JPY.
Step 1: Credit Card Details
Understanding Credit Card Interest
Credit card interest is calculated daily based on your average daily balance. Making only minimum payments will significantly increase your total interest paid and payoff time.
Step 2: Payment Strategies
Payment Strategy Tips
Debt Snowball: Pay smallest balances first for psychological wins. Debt Avalanche: Pay highest interest debts first to save money. Fixed Payment: Consistent payments for predictable payoff.
Credit Card Payoff Results
Total Cost to Pay Off Credit Card
Payment Strategy Comparison
| Payment Strategy | Monthly Payment | Payoff Time | Total Interest |
|---|
Amortization Schedule (First 12 Months)
Credit Card Payoff Formula
Months to Payoff = -log(1 – (r * B) / P) / log(1 + r)
Where r = monthly interest rate, B = balance, P = monthly payment. This formula calculates how many months it will take to pay off a credit card with fixed payments.
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