Plan your way out of credit card debt — and see what a missed bill costs
This credit card payoff calculator shows how long it will take to clear your card, how much interest you will pay and the month you will be debt-free. Enter your balance, the card’s APR and what you can pay each month — or choose how many months you want it to take and get the monthly payment. It compares your plan with paying only the minimum due, with a chart of both balances and a month-by-month schedule.
Switch to Interest after the due date (India) to see what one unpaid or part-paid bill costs: interest from each purchase date, the late payment fee, GST and your next bill total. Several cards or loans? The debt payoff calculator compares the snowball and avalanche methods.
How to use the Credit Card Payoff Calculator
- Enter your card balance and the APR from your statement, and pick your currency.
- Choose “I’ll pay a fixed amount” and enter your monthly payment, or “I want it paid off in…” and enter a number of months.
- Set the minimum payment rule and lowest minimum from your card’s terms, then compare your plan with minimum payments in the table, chart and schedule.
- For one bill, choose Interest after the due date (India), enter the statement, due and next statement dates, your purchases with dates, and what you paid.
- Check the monthly rate, GST, minimum due and late fee slabs against your card’s MITC, then read the interest, fee, GST and next bill total.
Credit Card Payoff Calculator features
Payoff time or required payment
Months from a payment, or the payment for a deadline — with a warning when a payment does not even cover the interest.
Minimum payment comparison
Interest plus 1%, or 2%, 3% or 5% of the balance with a lowest-payment floor.
Balance chart and schedule
Your plan against minimum payments over time, and every payment split into interest and principal.
Interest after the due date
Daily-balance interest from each transaction date once the interest-free period is lost, shown period by period.
Late fee, GST and 3-day rule
Editable fee slabs applied to the amount outstanding after the due date, no fee for a payment within 3 days, and GST on interest and fees.
How credit card interest and payoff are calculated
The payoff plan uses a monthly rate of APR ÷ 12: each month, interest of balance × APR ÷ 12 is added, then your payment is subtracted, until the balance reaches zero. To clear a balance in n months the payment is B × r ÷ (1 − (1 + r)−n). Real cards charge interest daily, so statements can differ slightly.
Example: a $5,000 balance at 22% APR costs about $91.67 in interest in the first month. Paying $250 a month clears it in 26 months with about $1,286 of interest. Paying only the minimum of interest plus 1% (at least $25) takes 230 months — more than 19 years — and about $8,100 in interest.
Credit card interest after the due date in India
Under the RBI Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022 (21 April 2022, updated as on 7 March 2024), the interest-free period runs from the transaction date to the due date only when the bill is paid in full. RBI’s FAQ says that otherwise the interest-free period is lost and interest may be levied from the date of transaction. Para 9(b)(v) allows late payment charges only on the amount outstanding after the due date, not the total amount due, and only once the account is past due for more than three days. Para 9(b)(ii) bars capitalising unpaid charges, levies and taxes for charging interest.
Issuers’ MITC documents show daily interest of outstanding × monthly rate × 12 ÷ 365. In one issuer’s published illustration at 3.5% a month, ₹6,000 and ₹4,000 billed on 2 August, a ₹500 payment and ₹6,000 of new purchases add ₹692.72 of interest to the 2 September bill; the calculator reproduces it. GST, currently 18% on card interest and fees, is added on top.
Why minimum payments keep you in debt
When the minimum is the interest plus 1% of the balance, only about 1% of what you owe is repaid each month, and the minimum shrinks with the balance. In India, rates of roughly 3–3.75% a month (36–45% a year) are common and the minimum amount due is often 5% of the outstanding. Paying only that keeps the late fee away, but interest still runs on everything — new purchases included.
Pay a fixed amount above the minimum, stop adding purchases, and clear the highest APR first. A cheaper personal loan can help — compare it with the EMI calculator. These results are estimates, not financial advice; your card’s terms and statement are the final word.
Credit Card Payoff Calculator FAQ
How long will it take to pay off my credit card?
Enter your balance, APR and monthly payment in the credit card payoff calculator. It adds each month’s interest, subtracts your payment and counts the months to zero.
How much should I pay to clear my card in a year?
Choose “I want it paid off in…” and enter 12 months. For example, a 1,000 balance at 12% APR needs 88.85 a month for 12 months, with about 66 of interest in total.
Why does my balance never go down?
If your payment is equal to or less than the monthly interest, the balance stays the same or grows. Monthly interest is the balance × APR ÷ 12; the calculator warns you when this happens.
How is credit card interest calculated after the due date?
If the total amount due is not paid in full by the due date, interest is charged on each purchase from its transaction date, day by day on the balance, until the next statement — including on new purchases. Use the credit card interest calculator mode “Interest after the due date (India)” to see it period by period.
Is the late fee charged on the whole bill?
Not in India. RBI rules allow late payment charges only on the amount still outstanding after the due date, and only when the account is past due for more than three days. Each issuer sets its own slabs, so enter yours.
Does paying the minimum amount due avoid interest?
No. Paying the minimum avoids the late fee, but interest is charged on the full balance from the purchase dates. Only paying the total amount due by the due date avoids interest; cash withdrawals usually attract interest from day one.