💳 Credit Card Calculator
Calculate credit card payoff timeline and interest
Leave empty to calculate minimum payment scenario
How to Use This Calculator
Enter Credit Card Balance
Input your current credit card balance - the amount you owe on the card.
Enter APR
Enter your credit card's Annual Percentage Rate (APR). This is the interest rate charged on your balance.
Enter Monthly Payment (Optional)
Enter your planned monthly payment. If left empty, the calculator uses a typical minimum payment (usually 2% of balance plus interest).
Review Results
See how long it will take to pay off your credit card, total interest paid, and total amount paid. Use this to plan your debt payoff strategy.
Formula
Monthly Interest = Balance × (APR ÷ 12)
Remaining Balance = Previous Balance + Interest - Payment
Payoff Calculation:
The calculator iteratively calculates month-by-month until balance reaches zero:
• Month 1: Interest = Balance × (APR/12), New Balance = Balance + Interest - Payment
• Repeat until balance = $0
Example:
If balance $5,000, APR 18%, payment $200/month:
• Monthly interest = $5,000 × (18%/12) = $75
• Principal paid = $200 - $75 = $125
• New balance = $5,000 - $125 = $4,875
• Continues until paid off in ~32 months
About Credit Card Calculator
A credit card calculator helps you understand how long it will take to pay off your credit card balance and how much interest you'll pay. Credit cards charge interest on outstanding balances, and making only minimum payments can result in paying significant interest over many years. This calculator shows you the payoff timeline based on your balance, APR, and monthly payment amount, helping you plan your debt payoff strategy.
When to Use This Calculator
- Debt Payoff Planning: Plan your credit card debt payoff strategy
- Payment Planning: Determine how much to pay monthly to pay off by a target date
- Interest Analysis: Understand total interest costs
- Motivation: See the impact of higher payments
Understanding Credit Card Debt
- Compound Interest: Interest is charged monthly on the outstanding balance
- Minimum Payments: Typically 1-3% of balance plus interest (often $25 minimum)
- High APR: Credit cards often have high interest rates (15-25%+)
- Long Payoff: Minimum payments can take many years to pay off
Why Use Our Calculator?
- ✅ Payoff Timeline: See exactly how long it takes to pay off
- ✅ Interest Costs: Understand total interest paid
- ✅ Payment Planning: Plan your monthly payments
- ✅ Motivation: See impact of paying more than minimum
- ✅ 100% Free: No registration or payment required
Tips for Paying Off Credit Cards
- Pay More Than Minimum: Even small increases significantly reduce payoff time
- Debt Snowball/Avalanche: Consider payoff strategies (pay highest rate or smallest balance first)
- Stop Using Card: Don't add new charges while paying off
- Balance Transfer: Consider transferring to 0% APR card if possible
- Budget: Create a budget to allocate more to debt payoff
Frequently Asked Questions
How long will it take to pay off my credit card?
The payoff time depends on your balance, APR, and monthly payment. With minimum payments, it can take many years. For example, a $5,000 balance at 18% APR with $100/month payments takes about 7 years. Increasing payments significantly reduces payoff time.
How much interest will I pay?
Total interest depends on balance, APR, and how long you take to pay off. With minimum payments, you can pay thousands in interest. For example, a $5,000 balance at 18% APR paid with minimum payments can result in $3,000+ in interest over 7+ years.
Should I pay more than the minimum?
Yes! Paying more than the minimum significantly reduces payoff time and total interest. Even small increases (e.g., $50-100/month more) can save hundreds or thousands in interest and reduce payoff time by years.
What's the best strategy to pay off credit cards?
Common strategies include: (1) Debt Avalanche - pay highest APR first, (2) Debt Snowball - pay smallest balance first for motivation, (3) Pay more than minimum on all cards. Choose based on what motivates you and your financial situation. The key is paying more than minimum payments.