Calculate Your Monthly Credit Card Interest
See How Much Credit Card Interest Is Really Costing You
Enter your balance, APR and monthly payment to estimate your monthly interest, payoff time and total interest cost if you continue making the same payment.Free Calculator •
Educational Estimate •
No Obligation
Credit Card Interest Calculator
Enter the information from your credit card statement. Your results will appear directly below the calculator.Your Estimated Credit Card Interest
These estimates assume you make the same payment every month and do not add new purchases, fees or cash advances.
Estimated Interest This Month
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Estimated Payoff Time
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Estimated Total Interest
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Estimated Total Paid
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Your current payment may not reduce this balance.
What If You Paid More Each Month?
See how increasing your monthly payment could affect your estimated payoff time and interest cost.| Monthly Payment | Payoff Time | Total Interest | Interest Saved |
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Important:
The figures above are estimates and assume that your monthly payment
remains fixed until your balance reaches $0. If you make only the
minimum payment and that minimum decreases as your balance declines,
your payoff time and total interest paid may increase significantly.
These estimates also assume that no additional purchases, cash advances,
fees or other charges are added to the account.
Want Help Reviewing Your Credit Card Debt?
A DebtWave credit counselor can review your balances, interest rates, payments and overall financial situation with you.Credit Counseling
Have DebtWave Review Your Situation
Your calculator information will automatically be included with your request. Tell us how to reach you so a DebtWave credit counselor can review your overall financial situation and available options.
Understanding Credit Card Interest
Small Differences in APR Can Add Up Over Time
Credit card interest can make it difficult to reduce a balance when a large portion of each payment goes toward finance charges instead of principal. This calculator can help you estimate how your APR and monthly payment affect your total repayment cost. Increasing your monthly payment may shorten the payoff period and reduce the total amount of interest you pay.How Does the Credit Card Interest Calculator Work?
The credit card interest calculator uses your current balance, APR and fixed monthly payment to estimate your interest cost and how long repayment could take. Your estimated monthly interest is based on your APR and current balance. The payoff calculation then estimates how the balance may decline if you continue making the same monthly payment and do not make additional purchases.Why Does Credit Card Interest Matter?
When you carry a credit card balance, part of your monthly payment generally goes toward interest before the remaining amount reduces principal. Higher interest rates can therefore make balances more expensive and extend the repayment period. For example, increasing the amount you pay each month may reduce both your payoff time and total estimated interest. The comparison table above shows how adding $50, $100 or $200 to your payment may affect your results.What Happens If Your Payment Is Too Low?
If your monthly payment is less than or approximately equal to the interest being added to the balance, your debt may not decline under the assumptions used by this calculator. When that happens, the calculator will alert you rather than showing an unrealistic payoff date.What If High Credit Card Interest Is Making Repayment Difficult?
If interest rates are making it difficult to reduce your balances, nonprofit credit counseling can help you review your overall financial situation and possible repayment options. Depending on your circumstances and creditor participation, a Debt Management Program may be one option to consider. You can also use DebtWave's Debt Management Plan Calculator to explore estimated repayment terms.
Important:
Calculator results are estimates for educational purposes
only. Actual interest charges and payoff periods can vary
based on billing-cycle length, payment timing, daily
balances, purchases, fees, promotional rates, cash
advances and the creditor's method of calculating
interest.
For additional information about credit card interest,
visit the
Consumer Financial Protection Bureau
.