Credit Card Calculator

The real cost of a card balance

Paying only the minimum on a credit card keeps the balance around for years and the interest cost climbing. This calculator shows how long your current balance will take to clear and how much interest you will pay along the way.

Enter your balance, interest rate and planned monthly payment. Then try a higher payment to see how many months and how much interest it saves. The difference is usually larger than people expect.

Credit cards also affect home loan applications. Lenders count your full card limit, not your balance, when assessing what you can afford. If you are planning to buy or refinance, reducing or closing unused limits may improve your borrowing power. An NLG broker can help you plan this before you apply.

Results are estimates for general information only. They are not credit advice and do not take into account your objectives, financial situation or needs. Speak with an NLG broker before making a decision.