Credit Card Repayment Calculator
Enter your card balance, interest rate (APR) and the months you want to be debt free in to find the monthly payment, the total payback and the total interest.
Updated
Credit Card Repayment Calculator
Our Credit Card Repayment Calculator shows how much you need to pay each month to clear your credit card debt within a set time. Enter your current balance, the annual interest rate (APR) and the number of months you want to be debt free in, and it gives the monthly payment required, the total payback and the total interest. It is made for anyone who wants a realistic repayment plan and a lower interest bill.
Quick answer
To clear a 75,000 balance at 24% APR in 18 months you need to pay 5,002.66 a month. You pay back 90,047.84 in total, of which 15,047.84 is interest.
- Formula: payment = B × r ÷ (1 − (1 + r)−N).
- Monthly rate: r = APR ÷ 12, so 24% APR is 2% a month.
- Shorter plan: higher payments, less interest.
- Longer plan: lower payments, more interest.
How Credit Card Repayment Works
When you borrow on a credit card, interest is charged on the balance you do not pay off in full. The longer you stretch the repayment, the more interest you pay.
This calculator works the other way round from a payoff calculator. You choose the date you want to be debt free, and it finds the one fixed monthly payment that brings the balance to exactly zero at the end of that period. If you already know your payment and want the number of months instead, use the Credit Card Pay Off Calculator.
Credit Card Repayment Formula
- P
- Required monthly payment.
- B
- Balance: the credit card debt.
- r
- Monthly interest rate as a decimal: APR ÷ 12 ÷ 100.
- N
- Number of months to be debt free.
Total interest = P × N − B
This is the standard formula for a loan repaid in equal instalments. With a 0% rate it reduces to P = B ÷ N.
How to Calculate the Monthly Payment
You owe 75,000 on a card with a 24% APR and want to be debt free in 18 months. The monthly rate is 24 ÷ 12 = 2%, or 0.02:
(1.02)−18 = 0.7001594
1 − 0.7001594 = 0.2998406
P = 1,500 ÷ 0.2998406
= 5,002.66
- Find the monthly rate. Divide the APR by 12 and by 100: 0.02.
- Multiply by the balance. 75,000 × 0.02 = 1,500, the interest for the first month.
- Find the divisor. Raise 1.02 to the power −18 and subtract the answer from 1: 0.2998406.
- Divide. 1,500 ÷ 0.2998406 = 5,002.66 a month.
= 90,047.84
Total interest = 90,047.84
− 75,000 = 15,047.84
The totals use the unrounded payment (5,002.6577), so they can differ by a few cents from the rounded payment times 18. Each payment covers the interest first and the rest reduces the balance:
| Month | Interest | Balance left |
|---|---|---|
| 1 | 1,500.00 | 71,497.34 |
| 2 | 1,429.95 | 67,924.63 |
| 3 | 1,358.49 | 64,280.47 |
| 18 | 98.09 | 0 |
Credit Card Repayment Examples
| Balance, APR, months | Result |
|---|---|
| 50,000 at 18% 12 months | Payment 4,584.00 Payback 55,008.00 Interest 5,008.00 |
| 75,000 at 20% 15 months | Payment 5,692.35 Payback 85,385.29 Interest 10,385.29 |
| 100,000 at 22% 24 months | Payment 5,187.82 Payback 124,507.57 Interest 24,507.57 |
| 150,000 at 25% 36 months | Payment 5,963.97 Payback 214,703.06 Interest 64,703.06 |
- One year. A 12 month plan means higher payments but keeps the total interest low.
- 15 months. An aggressive plan clears the debt in just over a year at a moderate interest cost.
- Two years. Payments are easier to manage, but the interest adds up.
- Three years. Spreading the payments over 36 months raises the total interest a great deal.
The amounts carry no currency symbol, so the calculator works the same way in dollars, rupees, pounds or any other currency.
Shorter or Longer Repayment Plan
The same 75,000 balance at 24% APR over different periods:
| Months | Payment | Interest |
|---|---|---|
| 6 | 13,389.44 | 5,336.62 |
| 12 | 7,091.97 | 10,103.64 |
| 18 | 5,002.66 | 15,047.84 |
| 24 | 3,965.33 | 20,167.98 |
| 36 | 2,942.46 | 30,928.70 |
Going from 12 to 36 months cuts the payment by more than half, but triples the interest from 10,103.64 to 30,928.70. Pick the shortest period whose payment fits comfortably in your budget.
The Three Inputs
- Balance
- The total amount you owe on the card today.
- APR (%)
- The annual percentage rate charged by the card issuer. It is on your statement.
- Months
- How many months you want to take to clear the debt. Enter a whole number.
When to Use the Credit Card Repayment Calculator
- Debt management. Choose a timeline that suits your budget.
- Financial awareness. See how interest grows with time.
- Budget planning. Find out how much to free up each month to pay off faster.
- Decision making. Compare an aggressive plan with a relaxed one.
What the Calculator Assumes
- Monthly interest. Interest is charged once a month at APR ÷ 12. Many issuers charge it daily, so a real statement can differ slightly.
- Equal payments. You pay the same amount every month for the whole period.
- No new spending. Purchases, fees and penalty charges are not included.
- A fixed rate. The APR stays the same until the debt is cleared.
How to Use the Credit Card Repayment Calculator
- Enter the balance. Type the amount you owe on the card, such as 75,000. Commas are fine.
- Enter the interest rate. Type the APR as a percentage, such as 24. Use 0 for an interest free card.
- Enter the months. Type the number of months you want to be debt free in, such as 18.
- Read and copy the result. The monthly payment required appears as you type, with the total payback and the total interest. Press Copy to copy the payment, or Clear or Esc to start again.
Example: a balance of 50,000, an APR of 18% and 12 months. The result is 4,584 a month, with a total payback of 55,008 and 5,008 of interest.
Who Can Use This Calculator?
Frequently Asked Questions (FAQs)
How do you calculate a credit card repayment?
Use P = B × r ÷ (1 − (1 + r)^−N), where B is the balance, r is the monthly rate (APR ÷ 12 ÷ 100) and N is the number of months. The result P is the fixed monthly payment that clears the balance in N months.
How much do I need to pay to clear 75,000 at 24% APR in 18 months?
You need to pay 5,002.66 a month. Over 18 months that is 90,047.84 in total, including 15,047.84 of interest.
How much interest will I pay?
Total interest is the monthly payment × the number of months, minus the balance. For 50,000 at 18% APR over 12 months the payment is 4,584, the total payback is 55,008 and the interest is 5,008.
Is it better to repay over a shorter or a longer period?
A shorter period costs less interest but needs a higher payment. On 75,000 at 24% APR, 12 months costs 10,103.64 of interest at 7,091.97 a month, while 36 months costs 30,928.70 at 2,942.46 a month.
What if my card has a 0% interest rate?
Then the payment is simply the balance divided by the number of months, and there is no interest. A 6,000 balance over 12 months is 500 a month.
What is the difference between this and a payoff calculator?
This calculator starts from the number of months and finds the payment. A payoff calculator starts from the payment and finds the number of months.
Does the calculator include fees or new purchases?
No. It assumes a fixed APR, equal monthly payments, monthly interest and no new purchases, fees or penalty charges.
Is the Credit Card Repayment Calculator free?
Yes. It is completely free, needs no sign-up, and can be used as many times as you like.
Sources
- Wikipedia. Amortization calculator.
- Wikipedia. Equated monthly installment.
- Wikipedia. Credit card interest.
- Wikipedia. Annual percentage rate.
- NerdWallet. How to Pay Off Debt.
Try our Credit Card Repayment Calculator and take the first step toward a debt free future.