Credit Card Interest Calculator
Enter your balance, APR and fixed monthly payment. A $5,000 balance at 22 percent paid at $200 a month takes 34 months (2 yr 10 mo) and costs $1,749.88 in interest.
How the credit card interest calculator works
Credit cards charge interest on the daily or monthly balance at the APR. This calculator assumes a fixed APR, a fixed monthly payment and no new purchases. Each month interest is added to the balance and then your payment is applied.
The formulas
Example: On a $5,000 balance at 22 percent APR, the first month of interest is $91.67. Paying $200 a month clears the card in 34 months (2 yr 10 mo), with $1,749.88 of interest and $6,749.88 paid in total.
Notes and limits
- If the payment is no more than the first month of interest, the balance never falls.
- Real cards compute interest daily and may vary the rate.
- New charges, fees and promotional rates are not modeled.
Figures are estimates for planning and are not financial advice. Check your own agreement or statement for exact terms.
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Frequently asked questions
How is credit card interest calculated?
The APR is divided by 12 (or 365 for daily) and applied to the balance. The default case is $91.67 in the first month.
How long to pay off a credit card?
It depends on balance, APR and payment. The default example takes 34 months (2 yr 10 mo).
Why does paying more help so much?
Every extra dollar cuts the balance that interest is charged on.
Does this include new purchases?
No. It assumes you stop using the card.
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