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Free Credit Card Interest Calculator — Payoff Time & Total Cost

~30 seconds

Enter your credit card balance, APR, and the monthly payment you plan to make. This calculator shows exactly how many months it will take to pay off the card and how much total interest you'll pay.

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Examples

Paying down a balance

Balance: $3,000 | APR: 20% | Monthly payment: $150

Calculation

  1. Monthly rate: 20% / 12 = 1.667%
  2. First month interest: $3,000 × 1.667% = $50
  3. Principal paid: $150 - $50 = $100
  4. Continue until balance reaches $0

Payoff: approx 24 months

Total interest paid: approx $600

Minimum payment trap

Balance: $5,000 | APR: 24% | Monthly payment: $100

Calculation

  1. Monthly rate: 24% / 12 = 2%
  2. First month interest: $5,000 × 2% = $100
  3. $100 payment just covers interest — balance barely decreases
  4. Increasing to $200/month clears debt in ~34 months

At $100/month: takes over 10 years to pay off

Doubling the payment cuts payoff time by 75%+

Frequently asked questions