APR Credit Card Calculator

Formatting only. This does not change the calculation.
Used when paying a fixed amount.
Most US issuers use 1% to 3% of the balance plus interest, or a flat floor.
Used when solving for the payment needed.
Time to clear
2 years 2 months
Credit Card Payoff Calculator
Months to clear the balance
26
Total interest paid
1,350.07
Total paid
6,350.07
Payment required
250
Interest in the first month
95
First minimum payment
101.9
Interest per unit borrowed
0.27
The balance does clear
yes
Worked out from Consumer Financial Protection Bureau, credit card minimum payment disclosures (12 CFR 1026.7(b)(12)) and 1 other source.

How this is worked out

4 steps
  1. Monthly periodic rate = 22.8% / 12 = 1.9%
  2. First month's interest = 5000 x 1.9% = 95
  3. Paying 250 a month.
  4. The balance clears after 26 months, having paid 1350.07 in interest.
Month-by-month scheduletable
monthpaymentinterestbalance
1250954,845
225092.064,687.06
325089.054,526.11
4250864,362.11
525082.884,194.99
625079.74,024.69
725076.473,851.16
825073.173,674.33
925069.813,494.14
1025066.393,310.53
1125062.93,123.43
1225059.352,932.78
1325055.722,738.5
1425052.032,540.53
1525048.272,338.8
1625044.442,133.24
1725040.531,923.77
1825036.551,710.32
1925032.51,492.82
2025028.361,271.18
2125024.151,045.33
2225019.86815.19
2325015.49580.68
2425011.03341.71
252506.4998.2
26100.071.870

Results are general information, not financial, tax, legal, medical or engineering advice.