Credit Card Calculators

How long will it take to pay off my credit card balance if I make only minimum payments?

Are you paying the amount due as shown on your credit card bill each month, but the balance doesn't seem to budge and it certainly never gets paid off? Have you ever thought about how much you'll end up paying in credit card interest if you only pay the minimum required payment each month? This calculator will show you how much interest you will pay and how long it will take to pay off your credit card if you only make the minimum required payment each month. Show the amortization schedule to see the month-by-month payment breakdown. These numbers, of course, assume you will not continue to charge with the credit card and continue to pay just the minimum amount. You may have to dig around or even make some phone calls to your credit card issuer to find out some of this information, but running this calculator can be a real eye-opening experience!

CC Equal Payment

How long will it take to pay off my credit card balance if I pay the same amount each month?

If you want to eliminate that credit card balance, you'll probably want to pay more than the minimum required each month. Enter your credit card balance, interest rate, and the amount you will pay each month and this calculator will show you how much interest you will pay and how long it will take to pay off your credit card. Show the amortization schedule to see the month-by-month payment breakdown.

How much over the minimum should I pay each month to pay off my credit card balance in a certain amount of time?

Enter all the information about your credit card terms and the number of years and/or months you would like to have this card paid and this calculator will show how much additional you will need to pay each month (over the 'Payment Due' amount on your credit card statement) in order to meet that payoff time. Your payment will still be based on the minimum payment amount so it will still change each month. You will simply pay the same additional amount with each payment you make.

How much should I pay each month if I want to pay off my credit card balance in a certain amount of time?

Enter the loan balance, interest rate, loan length, and monthly payment and this calculator will analyze your loan. You will see how long you've been paying and how much you've paid to date on your loan, as well as how much time is remaining and how much more is to be paid.Just enter your loan balance, interest rate, current monthly payment, and the additional amount you will pay each month and the calculator will compare the payoff time and interest charges for the remainder of the loan.

CC Balance-to-Limit Ratio

How much of my credit card limit am I using?

Use this calculator to figure your balance-to-limit ratio or what percentage of your available credit card debt you are actually using. A low balance-to-limit ratio indicates you use your available credit wisely, which is important to lenders and plays a significant part in credit risk scores. In general, it is better to leave credit card accounts open if you have zero balances than it is to close them, especially if there is no negative activity associated with the account. That's because for each zero balance credit card account you close, your balance-to-limit ratio goes up, and it suddenly looks like you may be overusing your credit. Unused credit results in a lower balance-to-limit ratio.

How much interest am I paying each day on my credit card balance?

Most credit card statements show the Daily Periodic Rate or the daily interest rate. Enter your balance and the credit card's yearly interest rate and this calculator will show you the daily periodic rate and the average amount of interest you are paying each day on the outstanding balance.