Credit Card Payoff Calculator
Estimate payoff time, total interest and total amount paid from your current balance, interest rate and monthly payment.
Your credit-card details
Worked example
These are the calculator's starting values, so the results above match this example until you change an input.
A R 30 000 balance at 20.5% a year, paying R 1 500 a month and spending nothing new on the card.
It takes 25 months to clear, with R 7 021,71 of interest: R 37 021,71 paid in total.
How this estimate works
The calculator applies the annual interest rate monthly and subtracts your monthly payment until the balance reaches zero. It does not add new purchases or issuer-specific fees.
Why your actual statement can differ
Credit cards can calculate interest using different methods, payment dates, new purchases, fees and other product-specific rules. Use your actual statement and agreement for the terms that apply to you.
Each month, interest at the annual rate ÷ 12 is added to the balance and your payment is taken off, until the balance reaches zero. It assumes no new purchases and no extra fees. If the payment does not cover the interest, the balance never clears.
Each month: balance = balance × (1 + r) − payment
Figures used: No official figures are built in. Under the National Credit Regulations, credit facilities such as credit cards are capped at the repo rate + 14% a year (21.25% at a repo rate of 7.25%).
Official sources:
Frequently asked questions
What does the payoff time mean?
It estimates how many monthly payments are needed to clear the entered balance at the entered rate and payment.
What happens if my payment is too low?
When the payment does not cover the interest accruing in the model, the calculator flags the payment as too low rather than showing a misleading payoff time.
Why can my statement differ?
Card issuers may calculate interest and fees differently, and additional purchases or fees can change the balance.