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See how long it will take to pay off your credit card balance and how much interest you will pay.
This calculator provides estimates only. Actual loan payments, APR, interest, fees, taxes and terms may vary by lender, country, credit profile and market conditions. Verify with a qualified financial professional or lender.
Monthly interest = Balance × (APR/12). Each month, payment covers interest first, then reduces principal.
Result: Payoff: 31 months, Interest: $1,200.00, Final payment: $200
Pay more than the minimum, consider balance transfer, or use the debt avalanche method.
Minimum payments can extend payoff by years and multiply total interest dramatically.
Pay the minimum on all cards but put extra money toward the card with the highest APR first to minimize total interest paid over the repayment period.
Closing cards reduces your available credit and may hurt your credit utilization ratio, so it is better to keep them open with a zero balance.
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