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Credit Card Calculator

Use the calculator below to help you answer these questions:

  1. How long will it take to pay off my balance by paying the minimum payment?
  2. How many payments will it take to pay off my balance and how much interest will I end up paying?
  3. How much does a lower interest rate save me on interest charges?
 

Fill in ALL of the numbered fields on TOP and your results will appear in the fields below.

  1. Enter the total charge amount or balance here.
  2. Enter your current or desired interest rate here.
  3. Enter the minimum payment % from your current or desired card Here.
  4. Enter the minimum payment or desired payment here.
    (Note: Somewhere in your credit card disclosure statement, you will find something similar to "your minimum payment will be 2% of the balance or $10, whichever is higher". This is what you should enter in #3 & #4. The calculator will use the higher of #3 or #4.)

Dollar
Amount
Charged

Annual
Interest
Rate

Minimum
Payment
Percent

Minimum
or chosen
Payment

  

Total
Interest
Charges

Number of
Payments
(600 MAXIMUM)

Total #
of Years
to Pay Off

Please Note: The calculator's accuracy to your circumstances may not be guaranteed.

 

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Copyright © 2000 McDavid & Company
Last modified: Monday, September 04, 2000