Credit Card Interest Calculator
Credit cards
Credit card interest calculator
See how monthly compounding and minimum payments affect your payoff time. Adjust the percentage to understand how quickly you can become debt-free.
Enter your balance
Monthly interest
₹2,250
36% APR
Time to clear
45 yrs 9 mo
Assumes no new purchases
Total interest paid
₹1,04,650
If you only pay the stated minimum
This Credit Card Interest Calculator shows how minimum payments and payment increases change payoff time and total interest.
Who should use this calculator
- Cardholders carrying a balance
- People evaluating faster payoff strategies
- Those comparing effects of minimum vs larger payments
How this calculator works
Enter your current balance, APR, and the payment percentage (or fixed amount) you plan to pay each cycle. The calculator models monthly interest accrual on the outstanding balance and simulates repayments cycle by cycle to estimate payoff time and total interest. No external data is fetched.
How to interpret the results
The output includes estimated months to clear the balance, total interest paid, and how payments change the principal over time. Use these numbers to decide whether to increase payments or convert part of the balance to a lower-cost EMI plan.
How revolving credit works
Revolving credit charges interest on balances not paid by the due date. If you pay only the minimum each cycle, most of that payment covers interest while a small portion reduces principal. Interest accrues monthly, so lower payments extend payoff and increase total interest.
- APR is an annual measure, but interest is charged monthly on the unpaid balance.
- Minimum payments keep accounts current but are not designed for rapid payoff.
- New purchases add to the balance and will also start accruing interest immediately.
Example
A ₹75,000 balance at 36% APR may accrue about ₹2,250 interest in the first month. Paying only 5% of the balance each month could take decades to clear and cost roughly double the principal in interest. Increasing payments significantly reduces both time and cost.
- Example assumes no new purchases or fees during repayment.
- Interest compounds monthly and payments are a percent of the statement balance each cycle.
- Higher payment percentages reduce both time-to-clear and total interest paid.
Limitations & disclaimer
This is an estimate only. Late fees, promotional offers, and card-specific rules change real outcomes. Not financial advice—consult your card issuer for exact terms and seek professional guidance for major debt decisions.
FAQs
What counts as a minimum payment?
Banks typically set 3–5% of the statement balance (or a fixed floor) as the minimum. It mainly covers interest with a small slice of principal.
Does this calculator include GST or fees?
It focuses on interest. Late fees, annual fees, or GST on interest would add to your statement and should be factored separately.
How can I pay off faster?
Increase your monthly payment percentage or add one-time top-ups. Even a 2–3% bump can shave years off the payoff timeline.
What if I keep spending on the card?
Revolving credit resets every cycle. New purchases add to the balance and will extend the payoff time beyond what this static view shows.
Should I convert to EMI?
Card EMIs often have lower promo rates than revolving interest but may charge processing fees. Compare the effective rate and prepayment rules first.