Credit Card Payoff Calculator
See exactly how many months it takes to clear your credit card balance at a given monthly payment, the total interest you'll pay, and how much longer paying only the minimum would take.
Credit Card Debt
Indian cards: ~36–48% p.a.
Time to Pay Off
2 yr 11 mo
Total interest: ₹74,989
Total Interest
₹74,989
Total Paid
₹1,74,989
How It Works
Credit card debt is among the most expensive borrowing in India, with APRs typically 36-48% per year, compounded monthly. Each month, interest is added to your balance (monthly rate = APR ÷ 12) and your payment is subtracted. If your payment is larger than the interest, the balance falls and eventually clears; if it is smaller, the balance actually grows — you can never pay it off. The "minimum payment" trap is real: minimums are usually just 5% of the balance (with a small floor), so most of your payment goes to interest and the debt lingers for years, costing multiples of the original amount. This calculator shows how many months a fixed monthly payment takes to clear the debt and the total interest, and contrasts it with the minimum-payment scenario so you can see the enormous saving from paying more than the minimum. The single best move with high-interest card debt is to pay as much as you can, as fast as you can.
Formula
Each month: balance = balance + (balance × APR/12) − payment. If the payment ≤ monthly interest, the balance never reduces.
Frequently Asked Questions
Why does paying only the minimum keep me in debt?
The minimum (usually ~5% of the balance) barely exceeds the monthly interest at 36-48% APR. Most of it goes to interest, so the principal shrinks very slowly — stretching a payoff to many years and costing far more in total interest.
What happens if my payment is less than the interest?
The balance grows every month — you can never clear the debt. Your monthly payment must exceed the monthly interest (balance × APR ÷ 12) for the balance to start falling.
How high is credit card interest in India?
Typically 3-4% per month, which is roughly 36-48% per year — far higher than home loans (~8.5%) or personal loans (~11-16%). This makes carrying a card balance one of the most expensive forms of debt.
How can I pay off card debt faster?
Pay well above the minimum, stop new spending on the card, and consider converting the balance to a lower-rate personal loan or a balance-transfer offer. The calculator shows how a higher fixed payment cuts both the time and total interest.
Does interest compound on credit cards?
Yes — unpaid interest is added to the balance and itself accrues interest the next month. This monthly compounding at a high rate is why card debt snowballs so quickly.