Credit Card Interest Calculator
Calculate how much interest you'll pay on your credit card balance and how long it will take to pay off.
Published by:
isCalculator Editorial Team
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How to use this tool?
This calculator shows how long it will take to pay off your credit card balance and how much interest you'll pay, given your monthly payment.
- Enter your Current Balance ($) – the amount you owe on your card.
- Enter your Annual Interest Rate (APR %) – your card's annual percentage rate (e.g., 18 for 18%).
- Enter your Monthly Payment ($) – how much you plan to pay each month. This must be greater than the monthly interest to reduce the balance.
- (Optional) Enter a Minimum Payment ($) – if your card requires a minimum payment, enter it here. The calculator will use the higher of your monthly payment or this minimum.
- Click Calculate.
Results show:
- Total interest paid over the repayment period.
- Time to pay off (in years and months).
- Total of all payments (balance + interest).
- A monthly breakdown table for the first 12 months, showing payment, interest, principal, and remaining balance.
Note: All values must be positive numbers. APR must be greater than 0. The calculator assumes interest is compounded monthly and payments are applied to interest first, then principal.
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Frequently Asked Questions
Interest is calculated daily or monthly based on your APR. We use the monthly periodic rate (APR/12) applied to the average daily balance. Our calculator simplifies by applying monthly interest to the remaining balance.
The average APR is around 16-24%. A good APR is below the average, typically under 15% for those with excellent credit.
Yes, by paying more than the minimum each month. Our calculator shows how increasing your payment reduces total interest and payoff time.
