Credit Card Repayment Calculator
Find the months needed to repay a card balance at a fixed monthly payment, plus the total interest you will pay along the way.
Time to clear the balance
2 yr 11 mo
35 monthly payments
Total interest
$1,859.78
Total paid
$6,859.78
- Interest charged in month one
- $95.42
- Payment that goes to capital
- $104.58
- Total payments
- 35
- Interest as a share of the balance
- 37.2%
- Total cost
- $6,859.78
How this was calculated
- 1.Monthly rate = 22.9% ÷ 12 = 1.908%.
- 2.Month one interest = $5,000.00 × 1.908% = $95.42.
- 3.Only $104.58 of your first payment reduces the balance.
- 4.Repeating that each month clears the card in 2 yr 11 mo.
Assumes the rate stays fixed and no new spending is added. Minimum payments usually take far longer than a fixed payment.
How the credit card repayment calculation works
A credit card charges interest on the balance each month, and your payment covers that interest first. Only the remainder reduces what you owe — which is why balances can take years to clear.
Because each month's interest shrinks as the balance falls, there is a closed-form solution, but a month-by-month simulation is easier to trust and handles the final part-payment correctly.
Worked example
$5,000 at 22.9% APR paying $200 a month.
- →Monthly rate = 1.908%
- →Month one interest = $95.42
- →Capital repaid = $104.58
Answer: About 34 months to clear, with roughly $1,700 of interest.
Credit Card Repayment FAQs
Should I pay the minimum?
Minimum payments are usually 1–3% of the balance. At that rate a $5,000 balance can take more than a decade and cost thousands in interest. Pay as much as you can above the minimum.
Why does my statement show a different payoff time?
Statements assume you stop spending and keep the rate fixed. New purchases and rate changes both extend the payoff period.
Would a balance transfer help?
A 0% transfer can pause interest, but usually charges 2–4% upfront. Compare the fee against the interest you would pay here before moving the balance.
Credit Card Repayment Calculator is part of the financial calculators collection on Calcora, alongside 8 other tools. Results are calculated in your browser and are for information only — see our disclaimer.
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