Finance
Calculator for clearing credit card debt
Work out how long e go take to clear your card debt and how much interest you go pay if you dey pay the same amount every month.
Add to workspaceYour numbers
Result dey update as you type; no Calculate button dey. All calculation dey run inside your browser.
Months wey e go take to clear the debt
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Summary
| Amount | |
|---|---|
| Months wey e go take to clear the debt | — |
| Total interest | — |
| Total wey you pay | — |
Compare principal with interest
The bars dey use total money paid as their scale. Card interest fit take big share even when the balance no too high; na why bigger monthly payments fit help plenty.
Balance for each year
| After | Balance wey remain |
|---|
For each month, interest na the opening balance times APR divided by 12. The payment go reduce the balance after that. The last payment no go pass wetin remain.
Formula
Each month: interest = opening balance × APR ÷ 12; ending balance = opening balance + interest − payment. Simulation dey repeat until balance reach zero.
Example wey show the calculation
Balance $10,000 at 18% APR with $300 a month: first month interest na $150.00, and card pay off in 47 months with $3,967.21 of interest, for $13,967.21 total.
Where e fit work and limits
Fixed APR, fixed monthly payment, no new purchases, no fees, no penalty rates, and no minimum-payment rules. Real cards dey vary APR, charge fees, and often set minimum as percentage of balance, so this na fixed-payment estimate, no be card statement forecast.
Questions wey people dey ask often
Wetin if my payment lower pass monthly interest?
The balance go dey grow, and this payment no go clear the card debt. The calculator go flag am: increase your payment above the first month interest.
Why interest high like this compared with loan?
Na because APR high and the balance dey reduce slowly for the beginning. Plenty of the early payments dey cover interest instead of the original debt.
To pay more than minimum dey help?
Yes, and the effect fit big: bigger payments dey reduce the balance faster and shorten how long interest go dey gather.
Wetin about new purchases?
We no include new purchases. Dem go add to the balance and make payoff take longer; this calculator assume say you no buy anything else with the card.
APR na the same as interest rate?
APR na yearly rate used here, including card stated rate. Fees separate and dem no model am.
Other tools wey relate to dis
- Calculator for loan repayment — repayment calculation at loan rates
- Calculator for early loan repayment — extra payments on loan
- How long emergency fund fit last — how long cash fit cover spending
Results na estimates; dem no replace advice from qualified professional.