Balance Transfer Savings Calculator
Calculate how much you can save by transferring credit card balances. Compare interest costs, find payoff timelines, and maximize your debt savings.
Step 1: Current Credit Card Details
Understanding Your Current Debt
The higher your current APR and balance, the more you can potentially save with a balance transfer. Most credit cards have APRs between 15-25%.
Step 2: Balance Transfer Details
Balance Transfer Tips
Look for cards with 0% intro APR and low transfer fees. Remember to pay off the balance before the introductory period ends to maximize savings.
Balance Transfer Savings Analysis
Total Savings with Balance Transfer
Payoff Timeline Comparison
| Month | Current Card Balance | Transfer Card Balance | Monthly Savings |
|---|
Cost Breakdown
Balance Transfer Calculation Formula
Savings = (Current Interest Paid) – (Transfer Fee + Transfer Interest Paid)
Calculate interest using monthly compounding. Balance transfer fee is added to the initial transferred amount. Interest only accrues after introductory period if balance remains.
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