Credit card payoff calculator
How many months a card balance takes to clear at the payment you can make, and what the interest adds up to on the way.
$
%
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.
Questions
- Why does it say the balance is never cleared?
- Because the payment you entered is no larger than the first month's interest. Interest is added before the payment is taken off, so a payment that only matches it leaves the balance where it was. Raise the payment above the interest shown and a finishing date appears.
- Why is my statement's figure a little different?
- This charges interest once a month at a twelfth of the yearly rate. Most cards work interest out daily on the average balance, which comes to slightly more. New spending, fees and a changing rate are also left out.
- What is the minimum payment on my card?
- The calculator does not know. Issuers set their own formulas and print the amount on each statement. Enter the amount you will actually pay each month.
Why this number behaves the way it does
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