Our credit card calculator allows you to keep track of your credit and to incorporate the impact of new credit. The most important information is the balance, interest rate, monthly payment and, payment type (USD and PCT).
The output of the credit card calculator includes First Monthly Payment , Lifetime Interest , Number of Payments and Total Annual Debt Payments . Further, under the lifetime Interest and Months to Payoff tab we show a chart.
You can add new credit card by clicking on the “Add New Data” link.
It lets you keep track of your credit card balances and see the impact of taking on new credit. For each card you enter the balance, interest rate, monthly payment, and whether that payment is a fixed dollar amount or a percentage.
It shows your First Monthly Payment, total Lifetime Interest, the Number of Payments needed to pay off the balance, and Total Annual Debt Payments, along with charts under the Lifetime Interest and Months to Payoff tabs.
A fixed (USD) payment applies the same dollar amount each month regardless of balance, while a percentage (PCT) payment is calculated as a share of the current balance and shrinks as the balance is paid down — this changes how quickly the card is paid off and how much lifetime interest you'll pay.
A higher interest rate increases both the total Lifetime Interest paid and, if your monthly payment stays the same, the Number of Payments needed to reach zero balance, since more of each payment goes toward interest rather than principal.
The Debt Calculator applies the same style of analysis across all your loans, not just credit cards, and the Budget Calculator can help you find room in your budget to pay down balances faster.
