Credit Cards! These are usually the first “loans” a person takes out, and the first monthly payments! Tens of thousands of young people dig themselves deep into credit card debt before they even realize it, so have fun with this payments calculator to see how much these bits of plastic REALLY cost!
If you have already used our Compound Interest Calculator, try using the same interest rate you hoped to save at as the same amount your credit card company charges. Then double it to get a more realistic picture!
Once you have seen the impact that taking out loans can have at different interest rate and payment schemes, check out our Car Loan Calculator to see how you can budget a big purchase without losing your wallet!
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For more information about these these financial calculators please visit: Dinkytown Financial
Calculators from KJE Computer Solutions, LLC
| Credit Card #1 Press spacebar to hide inputs | Monthly Payment: $0 |
| Credit Card #2 Press spacebar to show inputs | Monthly Payment: $0 |
| Credit Card #3 Press spacebar to show inputs | Monthly Payment: $0 |
| Credit Card #4 Press spacebar to show inputs | Monthly Payment: $0 |
| Credit Card #5 Press spacebar to show inputs | Monthly Payment: $0 |
| Debt payoff is estimated at 1 month press spacebar to hide graph |
Definitions
- Credit card balance
- Your current balance on your credit card.
- Credit card rate
- Interest rate for your credit card. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.
- Minimum payment
- This is the percent of your outstanding balance that will be used to calculate your minimum payment for the month. Your monthly payment is calculated as the percent of your current outstanding balance you entered, but will never be less than 15. Your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards.
- Monthly payment
- This is your initial monthly payment. For credit cards, this is calculated as your minimum payment. Your monthly payment is calculated as the percent of your current outstanding balance you entered. Your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards.
- Balance payoff
- This is the total length of time required to pay off this credit card debit if you use only minimum payments. Your monthly payment is calculated as the percent of your current outstanding balance you entered. Your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards.
- Total payments
- This is the total you will pay to pay of this credit card debt if you use only minimum payments. Your monthly payment is calculated as the percent of your current outstanding balance you entered. Your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards.