Credit Card Interest Calculator
See how many months a card balance takes to clear and how much interest you pay at a fixed monthly payment.
- Total interest
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- Total paid
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- Status
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An estimate only; check your card statement for exact charges.
What is the Credit Card Interest Calculator?
This credit card interest calculator shows how long it takes to clear an outstanding balance if you pay a fixed amount every month, and how much interest you pay on the way. You type the monthly interest rate from your statement. It warns you if the payment is too low to ever clear the balance.
How it works
Each month interest is added to the balance at the monthly rate you enter, then your payment is deducted. The calculator repeats this until the balance reaches zero, adding up the interest and the payments. If the payment is no larger than a month's interest, the balance never falls and the status says so.
How to use it
- Enter your outstanding card balance.
- Type the monthly interest rate shown on your statement.
- Enter the amount you will pay each month.
- Read the months to clear, total interest and total paid.
Credit Card Interest Calculator — FAQ
Is the rate monthly or yearly?
Monthly. If your statement shows a yearly rate, divide it by 12 before entering it here.
Why does paying only the minimum take so long?
Interest is charged on the full balance each month, so a small payment may barely reduce the principal and takes many months to clear.
Does this include new spending or fees?
No. It assumes you add no new purchases and ignores late fees and taxes. Any new spending would extend the time to clear.