How it works
Monthly interest = outstanding balance × APR/12; remainder reduces principal.
Worked calculation
A $6,000 balance with 22% APR and $250 monthly payment. For the sample inputs, the calculator displays these results:
| Months to payoff | 32 |
|---|---|
| Total interest | $1,979.05 |
| Interest plus original balance | $7,979.05 |
Assumptions and limitations
Assumes constant APR, no purchases, no fees and monthly compounding.
Results update as you change inputs. The example figures are illustrative and do not represent current lender quotes or live rates. For important decisions, confirm the applicable terms with an authoritative source.
Further reading and source context
For background and independently maintained guidance, see CFPB credit card resources. This source supplies context rather than personalized verification of the calculator output.
Payment assumptions change the timeline
Interest is charged on an outstanding balance according to the card agreement. New purchases, changing APRs, compounding method and late fees can materially change the payoff projection.
A useful way to compare
Change the monthly payment while keeping the opening balance and APR fixed. Review the payoff months and interest difference before committing to a plan.