a lakh and a half at three and a half percent
- Balance
- ₹1,50,000
- Monthly rate
- 3.5
- You will pay each month
- ₹10,000
- Or clear it in this many months
- ₹12
Months to clear22
Half the payment goes to interest in month one
Open this exampleFinance & Loanscredit
Credit Card Minimum Payment Payoff
How long a card balance takes to clear and what a target date would cost. The first month of interest is shown, because a payment below it means the balance never falls at all.
Also called: card payoff calculator, how long to pay off credit card.
Months to clear
22
22 months at 10,000 a month, costing ₹66,438 in interest on a 1,50,000 balance. To clear it in 0 months you would need ₹0 a month.
Total interest
₹66,438
Total paid
₹2,16,438
Payment for your target
₹0
Effective annual rate
51.11%
Interest in the first month
₹5,250
An estimate, not an offer or a guarantee. Projected returns assume the rate you entered holds for the whole term, which no market does.
Method and background
This is what the calculation gives for the numbers you entered. It is an estimate, not advice, and it knows nothing about your situation beyond those numbers. Rules for India change on a published schedule; the effective date is shown on every rule-based tool.
How this is calculated
The same reducing-balance arithmetic as any loan, at a much higher rate. Two things are worth seeing together: the months at your intended payment, and the payment needed to hit a date you choose. The gap between them is usually what makes the decision, and the first-month interest figure shows immediately whether a payment is even keeping up.
months = the period the payment needs to clear the balance at the card rate- B
- Balance (currency)
- E
- Monthly payment (currency)
- i
- Monthly rate (decimal)
Worked examples
Each of these is asserted on every build. If a change to the engine ever moved one of these answers, the build would fail before the page could print it.
a zero rate clears by division
- Balance
- ₹1,50,000
- Monthly rate
- 0
- You will pay each month
- ₹10,000
- Or clear it in this many months
- ₹0
Months to clear15
boundary
Open this exampleMethod and limits
What it assumes
- No new spending on the card and a constant rate.
What it deliberately does not model
- Fees, penalty rates after a missed payment, and promotional rates are not modelled.
Formula version 1.0.0 · definition 1.0.0 · India · Report a problem with this calculator
Frequently asked questions
- Why does my balance barely move?
- Because most of the payment is going to interest. Compare your payment against the first-month interest figure on this page: if they are close, almost nothing is reducing the balance.