| Scenario | Balance | APR | Mode | Base Payment | Extra Payment | Monthly Charges | Annual Fee | Notes |
|---|---|---|---|---|---|---|---|---|
| Fast payoff | $5,000 | 18.90% | Fixed | $300 | $75 | $0 | $0 | Focuses on aggressive repayment. |
| Budget plan | $3,200 | 24.50% | Minimum | Minimum due | $20 | $0 | $95 | Shows slower balance reduction. |
| Active card use | $7,500 | 21.99% | Fixed | $260 | $40 | $80 | $99 | Includes ongoing purchases and fees. |
1. Monthly RateMonthly Rate = APR / 12 / 100
2. Interest for Each MonthInterest = (Opening Balance + New Charges + Fees) × Monthly Rate
3. Statement BalanceStatement Balance = Opening Balance + New Charges + Fees + Interest
4. Minimum DueMinimum Due = min(Statement Balance, max(Minimum Floor, Statement Balance × Minimum Rate))
5. Fixed Mode PaymentBase Payment = max(Minimum Due, Fixed Payment × Growth Factor)
6. Actual PaymentActual Payment = min(Statement Balance, Base Payment + Recurring Extra + Lump Sum)
7. Closing BalanceClosing Balance = Statement Balance − Actual Payment
This version uses a monthly-rate payoff model. It is excellent for planning, comparing payment strategies, and testing extra-payment ideas, though actual issuer billing can differ slightly.
- Enter your current card balance and annual percentage rate.
- Choose minimum mode or fixed monthly payment mode.
- Set the minimum rate and minimum floor used by your issuer.
- Add monthly charges, monthly fees, or a first-month annual fee if needed.
- Include recurring extra payments or a one-time lump sum to test faster payoff plans.
- Use annual payment growth to model future payment increases.
- Click Calculate Balance to see payoff timing, totals, the graph, and the detailed schedule.
- Download the CSV schedule or PDF summary for reporting, budgeting, or sharing.
1. What does this calculator estimate?
It estimates how a credit card balance changes over time using APR, minimum payment rules, fixed payments, fees, extra payments, and optional new charges.
2. What is the difference between minimum and fixed mode?
Minimum mode pays only the required minimum plus optional extras. Fixed mode uses your chosen monthly payment, but it still never drops below the calculated minimum due.
3. Can I model continued card spending?
Yes. Enter an amount in monthly new charges. The calculator adds that spending before interest is computed, which helps show how ongoing usage slows repayment.
4. Why does the payoff date move so much?
Small payment changes can create large timing differences because interest compounds monthly. Fees and new purchases also keep the statement balance higher for longer.
5. What happens if my payment is too low?
If payments barely cover interest, the balance may shrink very slowly or fail to clear within the selected simulation period. The warning message highlights that case.
6. Does this match every issuer exactly?
Not always. Card issuers can apply daily periodic rates, special fees, grace-period rules, and promotional terms. This tool is a planning model, not a billing statement replica.
7. Why use payment growth and lump sums?
They help you test realistic strategies. Payment growth models future budget increases, while lump sums show how bonuses, refunds, or seasonal cash can reduce payoff time.
8. Why download CSV and PDF files?
CSV is helpful for spreadsheet analysis and audits. PDF is useful for quick sharing, budgeting meetings, or keeping a clean summary of your repayment scenario.