Credit Card Interest Calculator — See the True Cost of Debt
See exactly how much credit card interest you're paying and how to pay it off faster.
Enter Your Numbers
Usually 1-3%
What you plan to pay each month
Your Results
Payoff Time (Fixed Pay)
3y 2m
Min Payment Payoff
50+ years
Total interest: $72,225
Interest Cost Comparison
| Starting Balance | $8,000 |
| Fixed Monthly Payment | $300 |
| Payoff Time (fixed) | 3y 2m |
| Total Interest (fixed) | $3,306 |
| Payoff Time (min pay) | 50+ years |
| Total Interest (min pay) | $72,225 |
| Interest Saved | $68,919 |
| Months Saved | 562 |
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How This Calculator Works
Monthly Interest = Balance × (APR / 12)
New Balance = Previous Balance + Interest − Payment
Repeat until balance = 0. Minimum payment is typically 2% of balance or $25, whichever is higher.
Frequently Asked Questions
Daily rate = APR ÷ 365. Daily interest = Balance × Daily rate. On a $5,000 balance at 22% APR, you pay ~$3.01 daily in interest.
Minimum payments are designed to keep you in debt. A $5,000 balance at 22% APR with 2% minimum payments takes 22+ years and $8,000+ in interest.
At 22% APR: ~$183/month in interest on a $10,000 balance. You need to pay at least this much to reduce the principal.
Any APR above 20% is high. Average credit card APR is ~20%. If you carry a balance, target cards below 15%. Ideally pay in full each month.
Pay high-interest (15%+) credit card debt first. You won't earn 15% guaranteed in the market. After paying off cards, then invest.
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Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.