Credit Card Interest Calculator
Enter your card balance, APR and minimum payment rule to see how long minimum payments take and how much interest they cost, compared with a fixed monthly payment or a debt-free goal. Calculated privately in your browser.
- Total interest
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- Total paid
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- Debt-free
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- First payment
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- Total interest
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- Total paid
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- Debt-free
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- Interest saved
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- Time saved
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Balance over time
Payment schedule
| # | Month | Payment | Interest | Principal | Balance |
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Estimates assume no new purchases, fees or rate changes, and one payment at the end of each statement month. Your card issuer's exact figures depend on its average daily balance method, statement dates and minimum payment terms. This is not financial advice.
How to use the Credit Card Interest Calculator
- Enter your balance and APR from your latest statement. Keep daily compounding selected for the closest match to how most cards charge interest.
- Set the minimum payment rule from your card agreement, for example interest plus 1% of the balance with a $25 floor.
- Enter a fixed monthly payment you could afford instead, and optionally a goal such as debt-free in 24 months.
- Press Calculate payoff (results also update as you type) and compare months to payoff and total interest.
- Check the chart and schedule, switch between Minimum and Fixed, and export the schedule as CSV.
Credit card interest formulas
- Daily periodic rate (DPR) = APR ÷ 365. At 22.99% APR, DPR = 0.06299% per day.
- Interest for a statement month ≈ balance × ((1 + DPR)days − 1) with daily compounding, or balance × APR ÷ 12 with the simple monthly method. For a $5,000 balance at 22.99% that is about $95.79 a month.
- Minimum payment (interest + 1%) = interest charged + 1% of the balance, but never less than the floor (for example $25), and never more than the full balance.
- Payment to clear a balance in n months = B × r ÷ (1 − (1 + r)−n), where r is the monthly rate. The calculator finds this exactly by simulation, including rounding to the cent.
Minimum payments vs paying it off in 3 years
Balance at 22.99% APR, no new purchases, simple monthly interest. Minimum payment = interest + 1% of the balance with a $25 floor.
| Balance | Minimum only: time | Minimum only: interest | 36-month payment | 36 months: interest |
|---|---|---|---|---|
| $1,000 | 6 years | $826 | $38.71 | $393 |
| $2,500 | 13 years 7 months | $3,699 | $96.77 | $983 |
| $5,000 | 19 years 4 months | $8,489 | $193.53 | $1,967 |
| $10,000 | 25 years 1 month | $18,068 | $387.05 | $3,934 |
| $20,000 | 30 years 10 months | $37,226 | $774.10 | $7,867 |
Worked example: a $5,000 balance at 22.99% with interest + 1% minimums starts at a first payment of about $146 and falls every month. It takes 232 months (19 years 4 months) and costs $8,489 in interest, more than the original balance. Paying a fixed $200 a month instead clears it in 35 months with $1,871 of interest, saving about $6,600 and more than 16 years.
Tips to pay off a credit card faster
- Pay a fixed amount, not the minimum. Keep paying the same amount even as the minimum falls; this alone cuts years off the payoff.
- Pay before the statement closes. Because interest is charged on the average daily balance, paying earlier in the cycle lowers the interest slightly.
- Stop new charges on the card you are paying down, or new purchases will extend the payoff date.
- Consider a 0% balance transfer or a lower-rate personal loan, but include the transfer fee (often 3–5%) in the comparison. The personal loan calculator shows the true APR with fees.
- Several cards? Use the debt payoff calculator to compare the avalanche and snowball methods.
Frequently asked questions
How is credit card interest calculated?
Most card issuers divide the APR by 365 to get a daily periodic rate, apply it to your balance each day (usually the average daily balance) and add the interest at the end of the statement period. For a 22.99% APR the daily rate is about 0.063%, which adds roughly 1.9% to the balance each month.
How is the minimum payment calculated?
Card agreements set the formula. A common rule is the interest and fees charged that month plus 1% of the balance, with a floor such as $25 or $35. Some cards use a flat 2–3% of the balance instead. If your balance is below the floor, you pay the whole balance.
Why does paying only the minimum take so long?
Because the minimum shrinks as the balance shrinks. With interest plus 1%, only 1% of the balance goes towards principal each month, so most of each payment is interest for years. A fixed payment that does not fall over time clears the debt much faster.
What happens if my payment is less than the monthly interest?
The balance grows instead of shrinking, and the card is never paid off. The calculator warns you and shows the first month's interest so you know the minimum you need to pay just to stand still.
How do I pay off my credit card in 12 or 24 months?
Enter the number of months in the debt-free goal field. The calculator finds the smallest fixed monthly payment that clears the balance within that time and shows the total interest you would pay.
Does this include new purchases, fees or a 0% intro APR?
No. It assumes you stop using the card and the APR stays the same. New purchases, late fees, annual fees or a promotional rate ending would change the result.
Is this exactly what my bank will charge?
It is a close estimate. Banks use your actual statement dates, the average daily balance and their own rounding, so real statements can differ by small amounts each month.