Useful next calculations
When to use this calculator
- Before comparing personal loan or credit offers on the same amount and term.
- When you want to see total interest, not only the monthly payment.
- When you are choosing between a shorter term and a lower monthly debit.
- When you need a planning estimate before making a credit application.
A worked example
These are the example figures the calculator opens with.
| Input | Value |
|---|---|
| Balance (£) | £5,000 |
| APR (%) | 19.9% |
| Monthly Payment (£) | £200 |
For those figures the calculator returns:
- Paid off in: 33.00 months
- Total paid: £6,511.27
- Interest: £1,511.27
Method & assumptions
This calculator estimates how long it will take to pay off a credit card balance and the total interest you will pay, based on your current balance, your card's annual percentage rate (APR), and a chosen monthly payment amount. It uses a standard amortisation model, applying interest monthly at one-twelfth of the annual rate, then deducting your payment from the remaining balance.
The calculation assumes a fixed monthly payment and a fixed APR throughout the repayment period. In practice, UK credit card rates can change and providers may adjust minimum payments. This tool is intended for planning purposes only and does not constitute financial advice. Always check your most recent statement for your actual APR and outstanding balance before making decisions.
Payments at or below the initial monthly interest do not repay the balance and are rejected. A zero APR uses straight-line repayment. The last payment is limited to the remaining balance and interest rather than charging another full payment. New spending, fees and daily-interest statement conventions are excluded.
Common mistakes
- Judging an offer by the monthly payment alone and ignoring total interest.
- Using a representative APR as if it were a guaranteed personal rate.
- Forgetting arrangement fees or early-settlement terms.
- Comparing two loans that do not use the same amount and term.
What to do next
- Compare offers using the same amount and term, then check total repayable.
- Add fees and read early-settlement terms before treating the estimate as the full cost.
- Test a shorter term to see whether a higher payment is worth the interest saved.
- If several debts are involved, use a consolidation or payoff planner next.