How to use the Credit Card Calculator
The credit card calculator shows how long a fixed monthly payment takes to clear a balance and what the interest costs.
Open the Credit Card Calculator →
What you need to enter
- Balance ($)
- APR (%)
- Monthly payment ($)
The formula
Months = −ln(1 − B × r ÷ payment) ÷ ln(1 + r), with B the balance and r the monthly rate (APR ÷ 12).
Worked example
Using the default values in the calculator:
- Balance ($): 5000
- APR (%): 22
- Monthly payment ($): 200
| Time to pay off | 2 yr 10 mo |
| Total interest | $1,749.54 |
| Total paid | $6,749.54 |
Tips for better results
- Paying more than the minimum cuts years and interest.
- Stop using the card while you pay it off.
Common mistakes to avoid
- Paying only the minimum, which can take decades.
- Forgetting that new purchases add to the balance.
Please note: Calculators and guides give general estimates, not financial, tax or investment advice. Real offers depend on your lender, location and personal situation. See our Disclaimer.