Our calculator can help you see how long it will take to pay off your debt depending on your monthly payments, and how much interest you’ll pay before your balance reaches zero.
Credit card repayment calculator
How to use this calculator
First, enter the current balance on your credit card, and the interest rate APR (annual percentage rate) that’s applied to the amount you’ve borrowed.
Next, enter the monthly repayment you plan to make to pay off the balance.
In the UK, minimum monthly repayments will usually be at least 1pc of your outstanding balance, but it could be much higher – make sure the amount you’re planning to repay each month covers at least the minimum amount.
How it works
The calculator assumes the APR and monthly payments stay the same for the duration of the time it takes for you to repay the full amount.
The results show how long it will take to clear your balance, how much interest you’ll pay, and how much your total repayment will be with the interest added to your initial balance.
Note that interest can vary depending on the specific credit card deal you’ve signed up to, and how your provider calculates interest. For instance, interest can be calculated at a daily rate, but expressed as an annual percentage rate.
Our calculator assumes that you made a one-off purchase rather than multiple or regular purchases across the period in question.
Who is this calculator useful for?
This calculator can be useful for anyone with credit card borrowing, who wants to see how long it will take to clear their balance, and how much interest they could stand to pay.
It can also illustrate the effect that just a small increase in repayments can have on the total.
For example, based on a credit card charging a fairly average 22pc APR, paying off £300 a month could mean it will take you four years and four months to clear your balance, and you’ll end up paying £5,454.86 in interest.
If you increased your monthly repayments by £100, you could reduce the repayment timeframe to two years and 10 months, and would pay around £2,000 less in interest.
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