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Credit Card Calculator
Credit Card Calculator
Calculate how long to pay off your balance and see total interest cost
0
Months to Pay Off
Based on fixed monthly payments
Total Interest
$0
Total Cost
$0
Payoff Date
N/A
Balance Reduction Path
About the Credit Card Calculator
See how long it will take to pay off a credit card and how much interest you will pay if you only make a fixed monthly payment.
How to use the Credit Card Calculator
- Enter your Card Balance ($) and Interest Rate (APR %).
- Enter the Monthly Payment ($) you plan to make.
- Press Calculate Payoff Timeline to see months to pay off and total interest.
Formula and method
Months = −ln(1 − B × r ÷ P) ÷ ln(1 + r)
B is the balance, r the monthly rate (APR ÷ 12) and P the monthly payment. The payment must be higher than the monthly interest (B × r) or the balance will never fall.
Worked example
A $5,000 balance at 19.99% APR with $200 a month takes about 33 months and costs roughly $1,500 in interest.
Balance of $5,000 at 20% APR with $200 paid each month. It takes about 33 months to clear and costs roughly $1,500 in interest. At the same rate, a payment that is $100 lower would take far longer, so a small increase has a large effect.
When to use the Credit Card Calculator
- Finding out how long it will take to clear a card balance with a fixed monthly payment.
- Seeing how much interest a balance will cost you if you only pay a little each month.
- Testing how increasing your payment even slightly shortens the payoff time.
Common mistakes to avoid
- Paying only the minimum, which stretches the balance over many years.
- Adding new purchases while paying the balance down, so the balance never really falls.
- Ignoring that the card's APR is usually much higher than for personal loans.
Tips
- Paying only the minimum can take many years. Always pay more than the minimum if you can.
- Consider a lower-rate balance transfer or personal loan to reduce interest, but check fees.
- Stop adding new purchases to the card while you pay it off.
Frequently Asked Questions
Much of a small payment goes to interest. Increasing the payment sharply reduces both the time and the interest.
Mathematically yes (the avalanche method). Some people prefer the smallest balance first (snowball) for motivation.
The minimum is often close to the monthly interest, so very little goes toward the balance itself.
It can be, if the introductory rate is low and you pay off the balance before it ends. Check the transfer fee first.