Credit Card Repayment Calculator
Estimate how long it could take to pay off your credit card balance and how much interest you may pay based on your balance, APR and monthly payment.
Overview
A credit card repayment calculator helps you estimate how long it may take to clear your balance based on your current balance, APR and monthly payment. It can also show the likely interest cost and how paying extra each month could shorten your payoff time.
How it works
The calculator converts your annual percentage rate into a monthly interest rate and applies it to your starting balance. It then estimates how many months a fixed monthly payment would take to clear the balance, assuming the payment is high enough to reduce the debt each month. Total repayment is estimated from the monthly payment and payoff time, and total interest is the difference between what you repay and the original balance.
How to use this calculator
- 1Enter your current credit card balance.
- 2Add the card's APR as shown on your statement or card agreement.
- 3Enter the amount you plan to pay each month.
- 4Add any extra monthly payment if you want to pay the balance down faster.
- 5Review the estimated payoff time, total interest and total amount repaid.
Example Calculation
Current balance
$5,000
Annual percentage rate (APR)
20%
Monthly payment
$150
Extra monthly payment
$50
Time to pay off
33 months
For a balance of 5000 at 19.9% APR, paying 200 per month could clear the debt in about 32 months, with total interest of roughly 1300 and total repayment of about 6300.
Frequently asked questions
What does this credit card repayment calculator estimate?
It estimates how long it may take to pay off your credit card balance, the total interest you may pay and the total amount repaid based on your APR and monthly payment.
Does paying extra each month make a big difference?
Yes. Even a small extra monthly payment can reduce your payoff time and lower the total interest paid.
Why is my actual credit card payoff different from the estimate?
Card issuers may calculate interest daily, apply fees, change rates or use statement dates that differ from this simplified estimate.
What if my monthly payment is too low?
If your payment does not cover the monthly interest, your balance may reduce very slowly or may not go down at all.
Does this calculator include new spending on the card?
No. It assumes you do not add any new purchases, balance transfers, fees or cash advances during repayment.
Can I use this calculator for any credit card?
Yes, as a general estimate. You only need your balance, APR and planned monthly payment.
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Assumptions and warnings
Assumptions
- The interest rate stays the same throughout the repayment period.
- Payments are made monthly and on time.
- No new purchases, cash advances, fees or penalty charges are added to the balance.
- Results are estimates and may differ from your card issuer's actual calculations and statement timing.
Warnings
- This calculator provides an estimate only and is not financial advice.
- If your payment is too low to cover monthly interest, the balance may not reduce as expected.