Calculator
Results
Months to Payoff
0
Total Interest Paid
$0.00
Data Source and Methodology
All calculations are based on standard financial formulas and data from authoritative sources such as financial institutions and government agencies.
The Formula Explained
The formula used to calculate the payoff time is:
Months to Payoff = -log(1 - (Balance * Interest Rate / (12 * Monthly Payment))) / log(1 + Interest Rate / 12)
Glossary of Terms
- Current Balance: The total amount of money you owe on the credit card.
- Annual Interest Rate: The yearly interest rate charged on your credit card balance.
- Monthly Payment: The amount you pay each month towards reducing your card balance.
Frequently Asked Questions
How does the credit card payoff calculator work?
The calculator estimates the time required to pay off your credit card debt based on your balance, interest rate, and monthly payment.
Why is it important to pay off credit card debt?
Reducing credit card debt can improve your credit score and free up more money for savings and investment.
Can this calculator be used for multiple credit cards?
Yes, you can use the calculator for each credit card individually to determine the payoff schedule for each.
Formula (LaTeX) + variables + units
This section shows the formulas used by the calculator engine, plus variable definitions and units.
Formula (extracted LaTeX)
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Formula (extracted text)
Months to Payoff = -log(1 - (Balance * Interest Rate / (12 * Monthly Payment))) / log(1 + Interest Rate / 12)
Variables and units
- T = property tax (annual or monthly depending on input) (currency)
Sources (authoritative):
- CFPB — Credit cards (consumer education) — consumerfinance.gov · Accessed 2026-01-19
https://www.consumerfinance.gov/consumer-tools/credit-cards/ - FTC — Credit and loans (consumer advice) — consumer.ftc.gov · Accessed 2026-01-19
https://consumer.ftc.gov/ - Federal Reserve — Consumer resources — federalreserve.gov · Accessed 2026-01-19
https://www.federalreserve.gov/consumerscommunities.htm
Changelog
Version: 0.1.0-draft
Last code update: 2026-01-19
Last code update: 2026-01-19
0.1.0-draft · 2026-01-19
- Initial audit spec draft generated from HTML extraction (review required).
- Verify formulas match the calculator engine and convert any text-only formulas to LaTeX.
- Confirm sources are authoritative and relevant to the calculator methodology.