Typical credit cards require 1-2% of balance
Leave empty to use minimum payment
Additional purchases each month
About This Calculator
Our Line of Credit Calculator helps you understand the true cost of revolving credit, including credit cards, personal lines of credit, and HELOCs. See how minimum payments extend payoff time and how extra payments can save you thousands in interest.
How to Use This Calculator
- Enter your credit limit and current balance
- Input your annual percentage rate (APR)
- Select your minimum payment calculation method
- See your payoff time, total interest, and how extra payments help
Understanding Your Results
- Credit Utilization: Lower is better for your credit score (aim under 30%)
- Time to Payoff: How long until you're debt-free
- Total Interest: The cost of borrowing at current payment rate
Frequently Asked Questions
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