Credit Card Interest Calculator
Plan your credit card payoff strategy and calculate total interest
Payoff Summary
Time to Pay Off
8y 4m
Total Interest
$4,911.05
Total Payment
$9,911.05
Payment Comparison
With Extra Payments
Time to Pay Off:8y 4m
Total Interest:$4,911.05
Minimum Payments Only
Time to Pay Off:35y 5m
Total Interest:$15,124.80
Recommendations
Payment Strategy
Continue making extra payments to save on interest
Interest Rate
Look into balance transfer options for lower rates
New Purchases
Good job avoiding new charges during repayment
Debt Payoff
Consider debt consolidation or accelerated payoff methods
Understanding Credit Card Interest
APR vs. Daily Rate
Credit card APR is divided by 365 to calculate daily interest charges. Interest compounds daily on most cards.
Minimum Payments
Paying only the minimum extends repayment time and increases total interest paid significantly.
Grace Period
Most cards offer a grace period on new purchases if you pay your balance in full each month.