Credit Card Interest Calculator
See how long it takes to pay off your credit card balance and how much interest you'll pay. All calculations are done locally — your data never leaves your browser.
Months to Pay Off
35
2.9 years
Total Interest Paid
$1,871.08
37.4% of balance
Total Cost
$6,871.08
Balance + Interest
Payment Schedule (first 35 months)
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $200.00 | $95.79 | $104.21 | $4895.79 |
| 2 | $200.00 | $93.80 | $106.20 | $4789.59 |
| 3 | $200.00 | $91.76 | $108.24 | $4681.35 |
| 4 | $200.00 | $89.69 | $110.31 | $4571.03 |
| 5 | $200.00 | $87.57 | $112.43 | $4458.61 |
| 6 | $200.00 | $85.42 | $114.58 | $4344.03 |
| 7 | $200.00 | $83.22 | $116.78 | $4227.25 |
| 8 | $200.00 | $80.99 | $119.01 | $4108.24 |
| 9 | $200.00 | $78.71 | $121.29 | $3986.95 |
| 10 | $200.00 | $76.38 | $123.62 | $3863.33 |
| 11 | $200.00 | $74.01 | $125.99 | $3737.34 |
| 12 | $200.00 | $71.60 | $128.40 | $3608.94 |
| 13 | $200.00 | $69.14 | $130.86 | $3478.09 |
| 14 | $200.00 | $66.63 | $133.37 | $3344.72 |
| 15 | $200.00 | $64.08 | $135.92 | $3208.80 |
| 16 | $200.00 | $61.48 | $138.52 | $3070.28 |
| 17 | $200.00 | $58.82 | $141.18 | $2929.10 |
| 18 | $200.00 | $56.12 | $143.88 | $2785.21 |
| 19 | $200.00 | $53.36 | $146.64 | $2638.57 |
| 20 | $200.00 | $50.55 | $149.45 | $2489.12 |
| 21 | $200.00 | $47.69 | $152.31 | $2336.81 |
| 22 | $200.00 | $44.77 | $155.23 | $2181.58 |
| 23 | $200.00 | $41.80 | $158.20 | $2023.38 |
| 24 | $200.00 | $38.76 | $161.24 | $1862.14 |
| 25 | $200.00 | $35.68 | $164.32 | $1697.82 |
| 26 | $200.00 | $32.53 | $167.47 | $1530.34 |
| 27 | $200.00 | $29.32 | $170.68 | $1359.66 |
| 28 | $200.00 | $26.05 | $173.95 | $1185.71 |
| 29 | $200.00 | $22.72 | $177.28 | $1008.43 |
| 30 | $200.00 | $19.32 | $180.68 | $827.75 |
| 31 | $200.00 | $15.86 | $184.14 | $643.61 |
| 32 | $200.00 | $12.33 | $187.67 | $455.94 |
| 33 | $200.00 | $8.73 | $191.27 | $264.67 |
| 34 | $200.00 | $5.07 | $194.93 | $69.74 |
| 35 | $71.08 | $1.34 | $69.74 | $0.00 |
💡 Tip: Increasing your monthly payment by even $50 could save you $505.50 in interest.
How Credit Card Interest Works
Credit card interest is calculated using your Annual Percentage Rate (APR), which is converted to a daily rate and applied to your average daily balance. Most credit cards have variable APRs ranging from 15% to 29%, and interest compounds daily — meaning you pay interest on previously accrued interest.
Understanding Your APR
- Purchase APR: The rate applied to regular purchases (most common)
- Balance Transfer APR: Rate for transferred balances (often promotional)
- Cash Advance APR: Higher rate for cash withdrawals (no grace period)
- Penalty APR: Up to 29.99% applied after missed payments
How to Reduce Credit Card Interest
The most effective way to reduce interest charges is to pay your full statement balance each month during the grace period. If that's not possible, consider these strategies:
- Pay more than the minimum: Even small increases in your monthly payment dramatically reduce total interest
- Balance transfer: Move high-interest debt to a 0% APR promotional card
- Debt consolidation loan: Personal loans often have lower rates than credit cards
- Negotiate your rate: Call your issuer and ask for a lower APR
The True Cost of Minimum Payments
Making only the minimum payment (typically 2-3% of your balance) means most of your payment goes toward interest. A $5,000 balance at 22% APR with $100/month minimum payments would take over 9 years to pay off and cost over $6,000 in interest alone.
Frequently Asked Questions
What is a good credit card APR?
Below 15% is considered good. The national average is around 20-22%. Rewards cards tend to have higher APRs than basic cards.
How is credit card interest calculated?
Most issuers use the daily balance method: Daily Rate = APR ÷ 365. Daily Interest = Daily Rate × Balance. This compounds daily.
Do I pay interest if I pay in full?
No. Most credit cards offer a grace period (typically 21-25 days) where no interest is charged if you pay your full statement balance by the due date.