Credit Card and Debt Calculators

Free credit card and debt calculators. See how long a balance takes to clear, what it costs in interest and how much a bigger payment saves, with the formula shown.

Which credit card calculator do I need?

• One card, one balance? The credit card payoff calculator shows the months and total interest at the payment you choose, or the payment you need to finish by a date.
• Only paying the minimum? The minimum payment calculator shows how long that takes and what it costs.
• Want to know what a billing cycle costs? The credit card interest calculator works out the interest for one cycle from your balance, APR and the days your purchases and payments post, with the day-by-day working.
• Several cards or loans? The debt snowball calculator orders your debts by the snowball method (smallest balance first) or the avalanche method (highest interest first) and shows the time and interest for each.
• Offered a 0% transfer? The balance transfer calculator compares the transfer fee with the interest you would save.

Why paying more than the minimum matters

Interest is charged on what you still owe, so a larger payment shrinks the balance sooner and leaves less for interest to build on. The calculators here let you try different payments and compare the result before you commit to one.

Federal law makes card issuers say this on every statement. Under 15 U.S.C. 1637(b)(11), a statement must carry the warning that making only the minimum payment will increase the interest you pay and the time it takes to repay your balance, along with the number of months that would take and the payment that would clear the balance in 36 months (statute text). The minimum payment calculator reproduces that kind of estimate for any balance and rate you enter.

How credit card interest builds up

Your APR is a yearly rate, and interest is charged on the balance far more often than once a year. As a rough guide, divide the APR by 12 for a monthly figure. On a $3,000 balance at 24% APR that is $3,000 × 24% ÷ 12 = $60 of interest in a month, so a $100 payment would cut the balance by only about $40. Many issuers work interest out daily, so a real statement will differ by a little. That gap is why these are estimates and your statement is the final word.

Snowball or avalanche?

Both methods pay the minimum on every debt and send all the extra money to one debt at a time. The snowball method attacks the smallest balance first, which gives you quick wins. The avalanche method attacks the highest interest rate first, which costs the least interest overall when the monthly budget is the same. The debt snowball calculator shows both side by side for your own debts, so you can see what the quick wins cost you in extra interest.

Is a balance transfer worth it?

A transfer saves money only when the interest you avoid is larger than the transfer fee and any other costs. As an example, a 3% fee on a $5,000 transfer is $150. If the 0% period gives you more than $150 of avoided interest at your current APR and you can keep paying it down, the transfer comes out ahead. The balance transfer calculator shows the net saving and the point where an offer stops paying off.

Credit card and debt questions

Estimates, not statements

These calculators use the APR and payment you enter. Card issuers work out interest in slightly different ways, so treat the result as an estimate. Your card statement is the final word. The methodology page explains how every calculation is built and tested.