Credit Card Payment Calculator
Calculate your credit card monthly payment, total interest, and payoff time based on balance, APR, and monthly payment or desired payoff period.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Credit Card Payment Calculator
This calculator helps you determine either your monthly payment or payoff time for a credit card balance. Follow these steps:
- Enter Current Balance ($): Type your outstanding credit card balance (e.g., 5000).
- Enter Annual Interest Rate (APR %): Input your card's APR (e.g., 18 for 18%).
- Choose one of the following:
- Monthly Payment ($): Enter a fixed amount you plan to pay each month (e.g., 150). Leave the "Payoff Period" field blank.
- Desired Payoff Period (months): Enter the number of months to pay off the balance (e.g., 36). Leave the "Monthly Payment" field blank.
- Click "Calculate": The result will show:
- If you entered a monthly payment: payoff time in months/years, total interest, and total amount paid.
- If you entered a payoff period: required monthly payment, total interest, and total amount paid.
Important: Enter only one of the two optional fields (monthly payment or payoff period), not both. The monthly payment must exceed the monthly interest to avoid an error. All monetary values are in US dollars ($).
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Frequently Asked Questions
If you provide a desired payoff period, the monthly payment is calculated using the standard 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), and n is the number of months.
If the monthly payment is less than the interest accrued that month, the balance will never decrease and you will never pay off the debt. The calculator will show an error in that case.
No, you must enter either a monthly payment or a desired payoff period, but not both. The calculator will use the one you provide to compute the other.
