Credit Card Calculator
Adjust the inputs below. Results update as you type.
How it works
Monthly interest = balance × (APR/12). If your payment only covers the interest portion, you'll never pay off the card. Minimum payments (typically 1–3% of balance) can stretch repayment to 20+ years. The avalanche method (highest APR first) minimizes interest; the snowball method (smallest balance first) provides psychological wins. Balance transfers reset the clock but often carry a 3–5% fee.
Input guidance
- Enter the statement balance and APR from the issuer.
- Use a payment you can sustain after essentials.
- Include only cards you will stop charging on during payoff.
The formula
Credit card interest compounds on the balance: monthly interest = balance × (APR ÷ 12). Minimum payments are often a small percent of the balance, so most of an early payment goes to interest.
Worked example
A $5,000 balance at 22% APR paying only $150/month takes about 47 months to clear and costs roughly $1,900 in interest. Paying $300/month clears it in 19 months with far less interest.
More examples to test
- $4,800 balance at 22% APR with $200/month: estimate payoff months and interest.
- Same card with a 0% promo for 12 months then 22%: compare interest if the promo ends with a balance.
How to interpret results
Minimum payments stretch payoff and raise interest. Avalanche across cards if you have more than one balance.
When this can be inaccurate
Variable APRs, fees, and new charges after the plan starts will change outcomes.
Change history
- June 2026: Quality-reviewed for publication with formula checks and explanatory copy updates.
Site-wide corrections also appear on the corrections log.
Frequently asked questions
Why do minimum payments cost so much?+
Minimums barely exceed the monthly interest, so the balance falls slowly and interest keeps accruing for years, multiplying the total cost.
How is credit card interest calculated?+
Usually by average daily balance times the daily rate, compounded. Carrying any balance means interest accrues until it is fully paid.
What is the fastest way to pay it off?+
Pay as much above the minimum as you can, target the highest-APR card first, and avoid new charges while paying it down.
How should I use this result?+
Treat it as a planning estimate. Compare at least two realistic scenarios, then confirm with statements, quotes, or a qualified professional before acting.
How often should I refresh assumptions?+
Refresh whenever rates, income, costs, or policy limits change materially, and before making irreversible commitments.
Guided next steps
Want the full workflow? Use this calculator inside a step-by-step guide.