Financial Calculators
Credit Card Payoff Calculator
Card interest runs near 36-45% a year. See exactly how long your balance takes to clear, and what it really costs.
Card clears in
35 months
- Interest you will pay
- ₹74,989
- Total paid
- ₹1,74,989
Card interest compounds monthly at rates near 36-45% a year. Paying only the minimum due keeps you in this cycle for years; a fixed higher payment breaks it.
The most expensive debt you own
Credit card balances revolve at 3-3.75% per month, which compounds to roughly 42% a year. Paying only the minimum due, typically 5% of the balance, keeps you in debt for years while interest quietly dwarfs the original spend.
A fixed payment larger than the interest breaks the cycle on a predictable date. This calculator simulates the balance month by month at your chosen payment.
Month-by-month simulation
Each month:\n interest = balance x APR / 12\n balance = balance + interest - payment\nRepeat until the balance reaches zero.Worked example: a Rs 1,00,000 balance at 42% APR with a fixed payment of Rs 5,000 a month clears in 35 months and costs about Rs 74,989 in interest, nearly 75% of the original balance.
Frequently asked questions
Why is paying the minimum due so dangerous?
The minimum barely exceeds the month's interest, so the balance shrinks glacially while interest keeps compounding. What was one purchase can take many years to clear.
Should I take a personal loan to close the card?
Often yes. Personal loans at 11-16% are far cheaper than card interest at 40%+. Convert, then clear the loan with discipline and keep the card for convenience, not credit.
Do new purchases change this maths?
Yes, badly. Once you revolve a balance, most cards charge interest on new purchases from day one. Stop using the card until the balance is zero.
What if my payment is less than the monthly interest?
The balance grows forever; the calculator flags this. Raise the payment above balance x monthly rate at minimum.
Clear the card, then flip the flow.
The same monthly amount that killed the debt can build wealth next.