Estimate credit-card payoff time and interest from balance, APR, and monthly payment.
Planning estimate only, not financial, tax, or legal advice. Verify assumptions and current rules before making decisions.
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Each month, interest equals the current balance × APR ÷ 12. The payment is then subtracted, and the process repeats until the balance reaches zero.
With an $8,000 balance, 22% APR, and a $300 monthly payment, the calculator iterates month by month to estimate payoff time, total interest, and total paid.
If the payment does not cover the interest being added, the balance will not decline and there is no finite payoff date.
It uses a monthly periodic rate for planning. Card issuers commonly calculate interest from average daily balances, so statements may differ.
A larger monthly payment or a lower APR generally reduces both payoff time and interest, provided fees do not offset the savings.
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