Credit Card Calculator
Credit card APRs make balances expensive fast. This calculator shows the months and interest required with a fixed payment, with minimum-style payments (interest plus a percent of balance), or the payment required to hit a payoff deadline.
TheCalculators — Credit Card Calculator
Printed thecalculators.com
Months to Pay Off
62 months (5 yr 2 mo)
$200.00 per month at 18.00% APR
- Starting Balance
- $8,000.00
- Total Interest
- $4,308.98
- Total Paid
- $12,308.98
- Interest as % of Balance
- 53.9%
- Payoff Time
- 5 yr 2 mo
Where your payments go
- Principal$8,000
- Interest$4,309
Paydown by year
Card interest compounds daily on your average daily balance for most issuers; paying earlier in the month lowers the average balance and the interest.
Most useful next
Formula
n = −ln(1 − r·B/P) / ln(1 + r) (r = APR/12, B = balance, P = payment)
- • Monthly interest = balance × APR ÷ 12
- • A payment must exceed the monthly interest for the balance to fall
- • Solve the annuity equation for n, or simulate month by month
Pro tips
- • Paying 1% more of the balance each month can cut years off payoff.
- • A 0% balance-transfer card (watch the 3–4% transfer fee) can pause interest for 12–21 months.
- • Always pay more than the minimum — minimums are designed to maximize issuer interest income.
FAQ
Related Calculators
More Finance tools you might need.
Credit Cards Payoff Calculator
Debt-avalanche payoff plan for multiple credit cards from a fixed monthly budget.
CalculateDebt Consolidation Calculator
See if a consolidation loan beats your current debts on real APR, payment and total interest.
CalculatePersonal Loan Calculator
Personal loan monthly payment, total interest, payoff date and the real APR once fees count.
CalculateDebt Payoff Calculator
Avalanche vs snowball: compare payoff order, months to debt-free and total interest saved.
Calculate