Source: MoneySmart
Open the original Credit card calculator on MoneySmart
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Credit card calculator
See how long a credit card balance could take to clear and how much interest you may save by paying more than the minimum. It is useful when you want a realistic payoff plan instead of a rough guess.
Best for
- Declining minimum repayments based on balance percentage or dollar floor
- A higher-repayment comparison aligned to the MoneySmart payoff model
- Reusable payoff-time and interest-saved calculations for debt guidance
Card details
Start with your current balance and annual interest rate, then tune the issuer-style minimum repayment settings.
Higher repayment defaulted to the suggested two-year payoff amount of $246.
Results
Compare the long-term cost of minimum repayments against a higher fixed monthly repayment.
Minimum repayments
Repayments decrease as the balance comes down.
34 years 7 months
- Total paid
- $17,862
- Total interest
- $12,862
Higher repayments
Repayments stay fixed at the higher amount shown.
2 years
- Total paid
- $5,902
- Total interest
- $902
Paying $246 each month instead of making only minimum repayments reduces the total amount paid by $11,960.
The suggested higher repayment from the original MoneySmart logic is $246 per month, which targets a two-year payoff unless the first minimum repayment is already higher.
How these estimates work
- Credit-card fees are not included in this calculator.
- The minimum repayment is calculated as the greater of the outstanding-balance percentage or the dollar minimum.
- The first minimum repayment is shown rounded up, matching the original calculator display.
- Higher repayments are modeled as a fixed monthly amount.
Loans, credit and debt
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