Credit Card Calculator
Find how long a credit card balance takes to pay off at your payment, or the payment to clear it in a set time.
Change the values and press Calculate to work out your own figures.
Time to pay off
Enter the balance, payment and rate.
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $1,356.70 | $1,043.30 | $6,956.70 |
| 2 | $1,152.61 | $1,247.39 | $5,709.31 |
| 3 | $908.59 | $1,491.41 | $4,217.90 |
| 4 | $616.86 | $1,783.14 | $2,434.76 |
| 5 | $268.04 | $2,131.96 | $302.80 |
| 6 | $6.15 | $302.80 | $0.00 |
Show the working
- each month: interest = balance × rate ÷ 12 (to the cent); the rest of the payment reduces the balance
Payment for a timeframe
Enter the amount, rate and term.
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $1,149.11 | $3,643.57 | $4,356.43 |
| 2 | $436.35 | $4,356.43 | $0.00 |
Show the working
- payment = P × i ÷ (1 − (1 + i)^−n)
- each payment: interest = balance × i (to the cent), the rest repays principal
How to use it
Enter the balance, payment and rate. Enter the amount, rate and term.
Enter amounts without commas or with them; rates are percentages (5 for 5%). Negative amounts are allowed where a sign means money paid out.
Key facts
each month: interest = balance × APR ÷ 12
Minimums
Paying only the minimum, often interest plus 1% of the balance, can take decades; any extra goes straight to principal.
Questions
How long to pay off $8,000 at 18% paying $200 a month?
5 years 2 months.
Formulas
each month: interest = balance × APR ÷ 12
Sources
Limitations
- Results are estimates for planning, not offers or financial advice; lenders and banks may round, count days or time payments differently.
- Rates are nominal annual rates compounded as you choose; payments at a different frequency use the equivalent periodic rate.