See how long it takes to clear a credit card balance and what the interest costs. Enter the balance, APR, and monthly payment.
Usage Tip
Throw any extra at the highest-APR card first (the avalanche method) to minimize total interest. Avoid adding new charges while paying it down.
i = monthly rate (APR ÷ 12)
Paying more than the minimum is the fastest way to cut the total cost.
Interest is charged on the full balance until it is paid, so even small extra payments help.
This assumes a fixed payment and no new charges added to the card.
Paying only the minimum on a credit card balance can take many years and cost a large amount in interest, because most of each payment goes to interest at first. This calculator shows how long it takes to pay off a balance at a fixed monthly payment and how much interest you pay along the way.
Try raising the monthly payment by a small amount to see how much time and interest it saves. The payment has to be larger than the interest charged each month, otherwise the balance never falls. The calculation assumes no new purchases and a constant APR, while real cards may change rates or add fees. Paying more than the minimum is the most reliable way to cut the total cost.