Balance Transfer Calculator
Calculate how much you can save by transferring your credit card balance to a new card with a lower interest rate.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Balance Transfer Calculator
- Enter your current balance (e.g., $5,000) and the APR on your current card (e.g., 18%).
- Enter the new card’s APR (e.g., 0% for an intro offer) and the transfer fee percentage (e.g., 3%).
- Set your monthly payment (e.g., $200) and the number of months the intro APR lasts (0 if none).
- Click Calculate to see:
- Total interest cost on your current card vs. the new card (including the transfer fee).
- Your savings and months to pay off for each scenario.
Note: All values must be non-negative. The calculator assumes a fixed monthly payment and no new charges. The intro APR is treated as 0% during the intro period.
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Frequently Asked Questions
A balance transfer is moving debt from one credit card to another, usually to a card with a lower interest rate, to save on interest.
We compare the total interest paid on your current card versus the new card, including the transfer fee, assuming you make the same monthly payment.
If your payment doesn't cover the monthly interest, you'll never pay off the balance, and the total interest becomes infinite.
