Two ways to use it
- Enter a monthly payment to see how long payoff takes.
- Or enter a number of months to see the payment needed.
Example: 5,000 at 22.9 % APR with 200 a month takes 35 months and costs about 1,860 in interest.
Pay it off faster
Paying only the minimum can take decades. Pay more than the minimum, stop adding new charges, and consider a lower-rate balance transfer. With several cards, pay the highest APR first (avalanche) or the smallest balance first (snowball).
Frequently asked questions
Why does my balance never go down?
Your payment is lower than the monthly interest; the calculator warns you about this.
Does it include new purchases or fees?
No, it assumes no new charges.
What is APR?
Annual percentage rate — the yearly interest rate on the balance.