Credit Card Interest Calculator
Calculate how long it will take to pay off your credit card debt and see how much interest you’ll pay. Compare payment strategies to save money.
Step 1: Debt Details
Understanding Credit Card Interest
Credit card interest is calculated daily based on your balance and APR. Making only minimum payments can significantly increase the total interest paid and extend payoff time.
Step 2: Payment Details
Payment Strategy Tips
Paying more than the minimum payment reduces both the payoff time and total interest paid. Even small increases in monthly payments can save hundreds in interest.
Credit Card Payoff Results
Total Interest You’ll Pay
Payment Strategy Comparison
| Payment Strategy | Monthly Payment | Payoff Time | Total Interest | Total Paid |
|---|
Monthly Payoff Schedule
Interest Calculation Formula
Daily Interest = (Balance × APR) ÷ 365
Credit card interest compounds daily. Your monthly interest is calculated by multiplying your average daily balance by your daily periodic rate (APR ÷ 365), then multiplying by the number of days in the billing cycle.
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