Assumes the rate and payment stay the same every month. Real issuers often calculate interest daily on the exact statement cycle, so the real bill can differ slightly. The payoff simulation runs up to 600 months.
Revolving credit defers the bill — it doesn’t shrink it
Paying only part of a balance and carrying the rest lowers this month’s bill, but the carried balance keeps accruing interest every month. Rates in the 15–20% range are common — not far from a cash advance or personal loan.
If the payment is smaller than the interest, the balance grows
When the monthly payment doesn’t even cover that month’s interest, the principal never goes down — the balance keeps climbing instead. This calculator flags that case directly: at this payment, the balance is never paid off.
A bigger payment shrinks total interest fast
Raising the payment even modestly — say from 10% to 30% of the balance — usually cuts both the payoff time and total interest by a lot. Paying as much as you can afford each month is really the only lever here.
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Frequently asked questions
QWhy does the balance sometimes go up instead of down?
Interest is charged on the carried balance every month. If the payment is less than that month’s interest, none of it goes to principal — the leftover interest gets added to next month’s balance instead.
QDoes this match my card statement exactly?
It’s an estimate that assumes the rate and payment stay constant. Real issuers often calculate interest daily based on the exact statement cycle, so the real bill can differ slightly.