Credit Card Calculator
See how long it will take to pay off your credit card and how much interest you will pay.
Minimum Payment Scenario
Fixed Payment Scenario
What is a Credit Card Calculator?
A credit card calculator helps you understand how long it will take to pay off your outstanding balance and how much interest you will pay over time. It can compare the impact of making only minimum payments versus paying a fixed higher amount each month.
How to Use This Calculator
- Enter your current credit card balance.
- Input your APR (annual percentage rate).
- Set your minimum payment percentage and floor amount.
- Optionally enter a fixed monthly payment you can afford.
- Click Calculate to see payoff timelines and interest costs.
FAQ
What happens if I only pay the minimum?
Paying only the minimum can stretch repayment over many years and result in paying far more in interest than the original balance.
How is the minimum payment calculated?
Most issuers charge a percentage of the balance (e.g., 1-3%) plus interest and fees, with a minimum dollar floor such as $25.
Can I save money by paying more?
Yes. Even a small increase above the minimum can significantly reduce total interest and payoff time.
Does this calculator include fees?
No. This calculator focuses on interest based on APR. Late fees and other charges are not included.