Credit Card Interest Calculator - Calculate CC Interest Charges
Calculate credit card interest charges, minimum payments, and payoff time. See how much interest you'll pay and how long it takes to pay off credit card debt.
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Principal vs Interest
How Credit Card Interest Works
Credit cards charge interest on unpaid balances. Interest = Balance × (APR / 12). Example: $5,000 balance at 20% APR = $5,000 × (20% / 12) = $83.33/month in interest. If you only pay the minimum ($150), only $66.67 goes toward principal. This is why CC debt takes so long to pay off!
Key Financial Terms
Understand the essential concepts behind this calculator
APR (Annual Percentage Rate)
The total yearly cost of borrowing money, including interest and fees, expressed as a percentage.
Minimum Payment
Lowest payment card companies accept—usually 1-3% of balance. Paying only the minimum traps you in debt for decades with massive interest.
Frequently Asked Questions
Common questions about the Credit Card Interest Calculator - Calculate CC Interest Charges
🎓 Student Loan Data Sources
• Undergraduate Direct Loans: 6.53%
• Graduate Direct Unsubsidized: 8.08%
• Direct PLUS Loans: 9.08%
→ Source: Federal Student Aid - Interest Rates
• SAVE Plan: 5% of discretionary income (undergraduate), 10% (graduate), 0% below 225% FPL
• PAYE Plan: 10% of discretionary income, capped at 10-year standard
• IBR Plan: 10-15% of discretionary income based on loan date
• ICR Plan: Lesser of 20% discretionary income or fixed 12-year payment
→ Source: Federal Student Aid - Income-Driven Repayment Plans
• Requires 120 qualifying monthly payments (10 years)
• Must work full-time for qualifying employer (government/non-profit)
• Remaining balance forgiven tax-free after 120 payments
→ Source: Federal Student Aid - PSLF Program
• Bachelor's degree borrowers: $28,950 average debt
• Total outstanding student loan debt (U.S.): $1.75 trillion
• Average monthly payment: $200-$299 for most borrowers
→ Source: Education Data Initiative - Student Loan Debt Statistics
• Private refinancing rates: 4.5% - 9.5% (varies by credit, term)
• Note: Refinancing federal loans means losing federal protections (IDR, PSLF, forbearance)
→ Source: CFPB - Student Loan Refinancing
Important: Student loan rules change frequently. Always verify current program requirements at StudentAid.gov before making decisions.
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⚠️ Important Disclaimer
This Credit Card Interest Calculator - Calculate CC Interest Charges provides estimates for educational and informational purposes only. Actual results may vary significantly based on individual circumstances, market conditions, regulatory changes, and other factors beyond the scope of this calculator.
The calculations and projections provided are based on assumptions and historical data that may not reflect future performance.Past performance does not guarantee future results.
This tool is not financial advice, tax advice, legal advice, or investment advice. For personalized guidance tailored to your specific situation, please consult with qualified professionals including:
- Certified Financial Planner (CFP)
- Certified Public Accountant (CPA) for tax matters
- Licensed attorney for legal matters
- Registered Investment Advisor (RIA) for investment decisions
Data Accuracy: All data sources, statistics, and rates were verified as accurate as of October 2025. Tax rates, market conditions, and other financial data change over time. Always verify current rates and consult official sources.
No Warranties: While we strive for accuracy, we make no warranties or guarantees regarding the accuracy, completeness, or reliability of any information provided. Use this tool at your own risk.