Credit card balances with high APR can take years to clear with minimum payments. This calculator shows payoff time and interest cost with a fixed monthly payment.
How to use this calculator
- Enter your current credit card balance.
- Enter the card APR.
- Enter the monthly payment you plan to make.
- Review payoff timeline and total interest.
Formula
Monthly interest is applied to the remaining balance. Each payment first covers interest, then reduces principal until the balance reaches zero.
Example
A $5,000 balance at 19.99% APR with $200 monthly payments may take about 32 months and roughly $1,400 in interest.
Frequently asked questions
Should I pay more than the minimum?
Higher payments reduce interest and shorten payoff time significantly on high-APR cards.
Does APR equal daily interest rate?
Cards convert APR to a daily periodic rate. This calculator uses standard monthly compounding for simplicity.