How to use this estimator
This tool helps you understand the true cost of credit card debt and shows you exactly how much you save by paying more than the minimum.
Step 1 — Enter your debt details
APR (%)
Your Annual Percentage Rate — find this on your credit card statement. Common rates range from 15% to 29.99%. Drag the slider or type the value.
Average Daily Balance
The average amount owed each day during your billing cycle. This is what your card issuer uses to calculate interest — not just the statement balance. Find it on your monthly statement.
Billing Cycle (days)
Most credit cards use a 30-day billing cycle. Check your statement if you're unsure — it may be 28 or 31 days.
How interest is calculated
Suggested minimum payment
Calculated as Interest this cycle + 1% of your balance, with a $25 floor. This mirrors how most major card issuers set their minimums. Paying only the minimum means most of your payment goes to interest, not principal.
Step 2 — Set your monthly payment
Copy the suggested minimum
Click Copy to payment ↓ to load the suggested minimum into the payment field. This is your baseline — paying only this keeps you in debt the longest and costs the most in interest.
Increase the payment amount
Type a higher amount in the Monthly Payment field. Even an extra $25–$50 per month can save hundreds in interest and cut months off your payoff timeline.
Click Recalculate
The amortization table and scenario comparison update to reflect your payment. The table fades out when any value changes to remind you to recalculate.
Reading the results
Payoff time Total interest
How long until the debt is gone at your current payment, and the total interest you'll pay over that period. The goal is to shrink both of these.
12-month amortization table
Shows each month's payment broken into interest (cost of borrowing) and principal (debt reduction), with your running balance. The totals row at the bottom summarizes the first year.
Scenario comparison
Side-by-side comparison of the suggested minimum vs. your payment. The green savings bar appears when your payment exceeds the minimum, showing exactly how much interest you save, how many months sooner you finish, and how much lower your balance is after 12 months.
Pro tip — use the Print button
Click Print (top left) to save or print a clean copy of your current scenario — sliders are hidden, all values are shown. Great for budgeting meetings or keeping a record of your payoff plan.
Debt details
Daily rate
—
Interest this cycle
—
Suggested minimum
—
— of balance
New monthly payment
— of balance
Increase above the suggested minimum to see how much interest you save and how much faster you pay off your balance.
Use suggested minimum
—
— of balance · interest + 1% principal
Payoff time
Minimum
—
—
Total interest paid
Minimum
—
—
Suggested minimum
—
Your payment
—
12-month amortization — your payment
| Mo | Payment | Interest | Principal | Balance |
|---|