Credit card payoff calculator
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%
The rate on your statement. The 24% here is an example.
$
Estimated time to clear the balance
4 yr 8 mo
$3,322 of interest on $5,000, paying $150 a month
- Total interest
- $3,322
- Total paid
- $8,322
- Interest in month one
- $100.00
- Last payment
- $72.09
| Cleared in | Payment needed | Interest |
|---|---|---|
| 1 year | $472.80 | $674 |
| 2 years | $264.36 | $1,345 |
| 3 years | $196.16 | $2,062 |
| 5 years | $143.84 | $3,630 |
Interest is charged once a month at a twelfth of the rate you entered. Most cards work it out daily, so the real figure is a little higher. This assumes nothing new is spent on the card, the rate never changes, the same amount is paid every month and no fee is added. Your statement has the real figures. An estimate, not financial advice.