💳 Credit Card Interest Calculator

Calculate your payoff timeline and interest costs
💳 Credit Card Details
Total amount you owe
Typical credit card APRs range from 15% to 30%
Suggested minimum: calculate from balance
New purchases or fees added each month
Additional amount to pay toward principal

📊 Payoff Analysis

Monthly Interest Charged —
Payoff Timeline —
Total Interest Paid —
Total Amount Paid —
Payoff Date —
Interest as % of Total —

Enter an extra monthly payment to see the impact.

📅 Payment Schedule

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Enter your details and click "Calculate" to see the full payment schedule

🧮 Understanding Credit Card Interest

Credit card interest can significantly increase the cost of your purchases over time. This calculator helps you understand how interest accrues and creates a strategy to pay off your balance efficiently.

Monthly Interest = (APR / 12) × Balance

Monthly Interest: How much interest accrues each month.

💰 Pay More Than Minimum
Even small increases dramatically reduce payoff time.
🔄 Balance Transfer
Move balances to 0% APR promotional cards (12-18 months).
📉 Debt Consolidation
Combine multiple high-interest debts into one lower-interest loan.
📞 Negotiate
Request lower interest rates from your card issuer.

The Power of Extra Payments:

  • $5,000 at 18% APR with $200 payments: 32 months, $1,284 interest
  • Add $50 extra monthly: 24 months, $899 interest (saves $385, 8 months)
  • Add $100 extra monthly: 19 months, $665 interest (saves $619, 13 months)

Consistent payments and avoiding new charges are key to becoming credit card debt-free.

📝 How to Use This Calculator

Follow these steps to see exactly how much your credit card debt is costing you and how to pay it off faster:

1Enter your current balance and select your preferred currency.
2Add your card's APR (annual percentage rate) shown on your statement or cardholder agreement.
3Enter the monthly payment you plan to make toward the balance.
4If you expect to keep spending on the card, add your average monthly new charges.
5Add an extra monthly payment to instantly see how much time and interest you could save.
6Click "Calculate", then scroll to the Payment Schedule and switch between Month and Year view to see every payment through payoff.

❓ Frequently Asked Questions

How is credit card interest calculated?
Most credit cards charge interest daily using a periodic rate derived from your APR, then add it to your balance monthly. This calculator uses the standard monthly approximation: (APR ÷ 12) × balance, which closely mirrors what most issuers charge.
What's the difference between APR and monthly interest?
APR is the yearly interest rate. Monthly interest is the portion of that rate applied to your balance each month, roughly APR divided by 12. It's the actual dollar amount added to your balance every billing cycle.
How much does an extra payment really save?
Extra payments go straight toward your principal, which reduces the balance interest is calculated on every following month. Even a small extra amount can shave months off your payoff time and save a meaningful amount in interest — see the "Extra Payment Impact" box after calculating.
What happens if I keep adding new charges?
New charges are added back to your balance each month, which slows down payoff and increases total interest. If your goal is to become debt-free quickly, pausing new spending on the card makes the biggest difference.
Can I see a yearly summary instead of every month?
Yes. Use the "Month View" and "Year View" toggle above the payment schedule to switch between a full month-by-month breakdown and a yearly summary of payments, interest, and remaining balance.