Credit Card Payment Calculator

This credit card payment calculator figures how much you will pay in interest using a variety of repayment strategies: fixed percentage payment, fixed monthly payment, or minimum monthly payment.

It will also tell you how long until your debt is repaid and total interest cost. (Of course, this assumes no additional charges to the card.)

If this free calculator helps you then please give a like, tweet, or +1 to support our effort. Thanks for helping out!

Credit Card Balance Owed ($):
Annual Percentage Interest Rate (%):
Minimum payment percentage:
Monthly Fixed Payment You Can Make ($):
Repayment Results
Monthly Payments Remaining:
Years Until Full Repayment:
Total Interest Paid:
Total Principal Paid:

How Much Interest Will You Pay On Your Credit Cards?

Does paying interest cause you pain? It should.

Nobody likes to pay money to spend money,  but that is what happens when you run up your credit card bills.

The problem is sometimes you just don’t realize how much interest you’re really paying. What if you could know exactly how much interest you’ll pay – would it change your credit card spending habits?

This Credit Card Payment Calculator is designed not only to show you how much interest you’ll pay, but when you’ll repay your debt in full.

Don’t stay in the dark. Let the reality of your situation sink in and (hopefully) motivate you to action!

The Temptation Of Credit Cards

Credit cards come bundled with various attractive features that are difficult to resist. Credit card companies understand that offering perks often leads to a paying customer – something you don’t want to become.

That why you must practice the following 3 responsible credit card habits:

  • Paying off the credit cards every month – Pay in full every month, and avoid the temptation to make minimum payments.
  • Spending only what you can afford – If you can’t pay for it with your checking account, you have no business paying for it with credit cards.
  • Paying down existing debt – If you already have debt, use this debt snowball strategy to systematically improve your financial situation.

Choose A Payment Method

The Credit Card Payment Calculator allows you to choose one of two payment methods:

  1. Pay off your credit cards by using a fixed monthly payment you can afford. (Recommended)
  2. Pay off your credit cards by using the minimum payment percentage. (Bad idea)

Making minimum payments should be avoided if possible, as they typically keep you in debt longer than you want. By creating a budget, you can see exactly how much you can afford to pay toward your credit cards – often resulting in larger payments and less interest.

Credit cards offer unparalleled convenience, but that doesn’t mean you have to pay interest to use them. Use the Credit Card Payment Calculator as a motivational tool, compelling you to avoid interest and years of indebtedness.

How much interest can you avoid by making larger payments? Find out today!

Credit Card Payment Calculator Terms & Definitions:

  • Credit Card Balance Owed – The total outstanding balance you must pay including interest.
  • Minimum Payment Percentage – The percentage or the fixed minimum amount that the credit card company requires you to pay each month.
  • Fixed Payment – The amount you can pay on a consistent basis.
  • Months Until Pay Off – How long it will take you to pay off a credit card.
  • Total Interest Paid – The amount of interest you would pay over the course of your debt payoff plan.
  • Total Principal Paid – The amount of your payments that went to principal.
  • Annual Percentage Interest Rate (APR) – The amount of interest applied to your credit card purchases that were not paid in full each month.
  • Interest – The amount paid for borrowing money.
  • Principal – The original amount of money borrowed, not including interest. Be aware that when interest compounds, interest is added into principal.

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