See how long it takes to clear your credit card balance and the total interest you will pay. Enter your balance, APR, and a fixed monthly payment.
Each month interest is added to your balance at the monthly rate (annual APR ÷ 12), then your payment is subtracted. The calculator repeats this month by month until the balance reaches zero, counting the months and adding up every dollar of interest. If your payment is smaller than the first month's interest charge, the balance never falls and the card cannot be paid off at that payment level.
Credit cards have high APRs, so a large share of a small payment goes to interest. Raising the monthly payment even a little shortens the payoff time and cuts total interest sharply.
Minimum payments are often set at a low percentage of the balance, so they barely cover interest. Paying only the minimum can stretch a balance over many years and multiply the interest you pay.
Use the purchase APR shown on your statement. If you carry different rates for purchases and cash advances, run the calculator separately for each balance.
No. It assumes you stop adding charges and make the same fixed payment each month. New purchases would increase the balance and extend the payoff.
It uses standard monthly compounding, but issuers may use daily interest, fees, or rounding. Treat the result as a close estimate, not an exact figure.
Disclaimer: This tool provides an estimate for general informational purposes only and is not financial advice. Actual interest depends on your card issuer's terms, fees, and billing method. Consult a licensed professional before making decisions.