Calculate how many months it will take to pay off a credit card balance at a fixed monthly payment, and how much interest you'll pay in total.
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This calculator simulates your balance month by month: each month, interest is charged on the remaining balance, and your payment first covers that interest, with the rest reducing the principal, continuing until the balance reaches zero.
Credit cards typically carry much higher interest rates than other loans, often 15-25% APR or more, so a large portion of a minimum payment can go toward interest rather than reducing the actual balance, which is why balances can take years to clear at low payment amounts.
If your monthly payment is less than or equal to the interest charged each month, the balance will never decrease. The calculator will show an error in this case rather than an incorrect result.
No, this assumes no new charges are added and only the existing balance is being paid down.
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