Credit Card Interest Calculator
Enter your balance, APR, and a fixed monthly payment to see the real cost of carrying a balance: how much interest you'll pay and how long it takes to clear. Free, no signup.
Interest accrues on your balance at APR ÷ 12 each month. This month's interest charge is about $83 — your payment has to clear that before the balance falls.
Your Interest Cost
Time to pay off
4y 2m
50 monthly payments
Total interest
$2,359
Total paid
$7,359
You'll pay $2,359 in interest on top of your $5,000 balance — that's 47% of what you borrowed.
Frequently asked questions
How is credit card interest calculated?
Card issuers quote an annual rate (APR) but charge interest monthly. The monthly rate is your APR divided by 12, applied to the balance each month. This calculator adds that interest, subtracts your payment, and repeats until the balance hits zero — summing every month of interest for an accurate total.
How much interest will I pay on my credit card?
It depends on your balance, APR, and how much you pay each month. A $5,000 balance at 20% APR with a $150 monthly payment costs roughly $2,300 in interest and takes about 50 months. Paying more each month cuts both the time and the interest dramatically — enter your own numbers above to see.
What happens if my payment is smaller than the interest?
If your monthly payment is less than the monthly interest charge, the balance grows instead of shrinking and the card is never paid off. The calculator flags this and tells you the minimum payment needed to start making progress.
Does paying twice a month reduce interest?
Slightly. Most cards use an average daily balance, so paying earlier in the cycle lowers that average and shaves a little off the interest. The far bigger lever is the total amount you pay each month — increasing it is what really cuts the interest cost.
How can I pay less interest?
Pay more than the minimum, move the balance to a 0% intro-APR balance-transfer card, or ask your issuer for a lower APR. Even an extra $50 a month redirects money from interest to principal and compounds over the life of the balance.