At todays prices ... you will make about 7.50 per day with a 7970.
53 days range to pay it off, if the market stays at 105 USD per BTC.
That is not too bad in my opinion. That is including power cost on this calculator I found.
Wrong because of 2 reasons: 1) high chances the BTC per USD rate will drop.
more importantly 2) you didn't calculate in increasing difficulty factor.
Use:
http://dev.bitcoinx.com/profit/even that's not accurate, since in a week or two you already have a diffciulty of 11+ million