Credit Card Calculator
How long it takes to pay off a card balance.
- Total interest
- $1,859.78
- Total paid
- $6,859.78
- First month interest
- $95.42
How this calculator works
Each month interest is charged at one twelfth of the APR and your payment is applied. The calculator repeats this until the balance reaches zero.
Formula
Months = −ln(1 − r·B ÷ P) ÷ ln(1 + r)
Example
A $5,000 balance at 22.9% APR with $200 monthly payments takes about 35 months and around $1,860 in interest.
When to use it
- See the true cost of minimum payments
- Set a payoff deadline
- Decide whether a balance transfer is worth it
Frequently asked questions
Why does paying the minimum take so long?
Minimum payments are often little more than the monthly interest, so the balance falls slowly. Paying a fixed, higher amount shortens the payoff time dramatically.
How is credit card interest calculated?
Most cards charge interest daily using the APR divided by 365. This calculator uses a monthly approximation, which is close enough for planning.
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