This credit card interest calculator simulates how long a balance takes to pay off with fixed monthly payments, and how much interest accrues.
Finance
Credit Card Interest Calculator
Simulate payoff progress and interest from balance, APR and fixed payments.
Calculator
About this calculator
Formula notes
Each month: interest = balance × APR/12; new balance = balance + interest − payment. Repeat until the balance reaches zero.
Worked examples
- Example: a 10000 balance at 18% APR with 500 monthly payments pays off in 24 months with about 1978 in interest.
- A $3,000 balance at 24% APR accrues roughly $59 in interest over a 30-day cycle using a simple daily-rate estimate, before new purchases and payment timing are considered.
How to use it
- Enter the current balance and APR.
- Enter your planned monthly payment.
- Read the payoff time and total interest.
Frequently asked questions
What if my payment barely covers interest?
Payoff stretches dramatically — at 18% APR, interest alone on 10000 is 150/month.
Does the minimum payment work here?
Minimum payments are designed to keep you in debt longer; compare them against a fixed amount to see the difference.
Limits and interpretation
- Issuers may use average daily balance, different day-count conventions, grace periods, promotional rates, and multiple balance categories.
- Minimum-payment projections can change when new purchases, fees, missed payments, or rate changes occur.