Credit Card Monthly Payment Calculator
Calculate the monthly payment required to pay off a credit card balance, including interest, based on the current balance, annual interest rate, and desired payoff period.
Published by:
isCalculator Editorial Team
Was this calculator helpful?
How to use this tool?
How to Use the Credit Card Monthly Payment Calculator
- Enter Current Balance ($): Input your total credit card balance (e.g., 5000). Must be a positive number or zero.
- Enter Annual Interest Rate (%): Input your card's APR (e.g., 18 for 18%). Must be a positive number or zero.
- Enter Desired Payoff Period (months): Input the number of months you want to pay off the balance (e.g., 12). Must be a positive integer (1 or more).
- Click "Calculate": Press the blue button to compute your monthly payment.
- Read the Result: The monthly payment appears in green. If inputs are invalid, fields will highlight with error messages.
Note: The calculator uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where r = APR ÷ 12 ÷ 100, and n = months. If APR is 0%, it simply divides balance by months. If balance is 0, the result is $0.00.
Previous Results
| Result | Inputs | Date |
|---|
Frequently Asked Questions
The monthly payment is calculated using the loan amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the balance, r is the monthly interest rate (APR/12/100), and n is the number of months.
If the balance is zero, the monthly payment is zero.
If the APR is zero, the monthly payment is simply the balance divided by the number of months.
