Credit Card Interest Calculator
Enter your balance, APR, and monthly payment to see exactly how long payoff takes and how much interest you'll pay in total.
At 22% APR, a $3,000 balance on minimum payments costs over $2,500 in interest and takes 8 years to clear.
22%
Average credit card APR in the US in 2026 — among the highest consumer borrowing rates
8 yrs
How long a $3,000 balance takes to clear on minimum payments at 22% APR
2×
Typical total amount paid vs original balance when only making minimum payments
Why credit card debt is so expensive
What high APRs and minimum payments actually mean for your money.
Daily compounding makes APR brutal
At 22% APR, you're paying 0.060% per day on your balance. That sounds tiny — but on a $5,000 balance it's $3/day, $90/month, $1,100/year in pure interest before you've paid down a single dollar of the original debt. The only way to stop it is to pay faster than interest accrues.
Doubling your payment has a massive effect
If you're paying $100/month on a $3,000 balance at 22% APR, increasing to $200/month cuts the repayment time from 46 months to 18 months — saving 28 months and over $900 in interest. Small payment increases have a disproportionately large impact because of how compound interest works in reverse.
Target a payoff date, not a payment amount
Instead of asking 'what can I afford?', ask 'when do I want this gone?' If you want your $4,000 balance cleared in 12 months at 22% APR, you need to pay around $375/month. Working backwards from a goal is more motivating — and this calculator makes it easy to find that number.
How the Credit Card Interest Calculator Works
Formula
Monthly Interest = Balance × (APR ÷ 12 ÷ 100)
Remaining Balance = Balance + Monthly Interest − Payment
Repeat until Balance ≤ 0 → count the monthsEnter your current balance
The total amount owed on the card right now.
Enter your APR
Find this on your card statement or online account. Typical range: 19–29% in 2026.
Set your monthly payment
Try different amounts to see the impact. The calculator warns you if the payment doesn't cover interest.
Read your payoff date and total cost
See months to clear the debt, total interest paid, and what percentage of every payment is pure interest.
This calculator simulates month-by-month repayment using simple amortisation logic. Each month, interest is calculated on the remaining balance and subtracted from your payment. The remainder reduces principal.
It does not account for new purchases, cash advances, balance transfers, or promotional rates. For a true payoff date, stop using the card and make fixed payments only.
Frequently Asked Questions
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