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Credit Card Minimum Payment Interest Cost Comparison Calculator

Calculator Preferences
Credit Card Interest Rate Comparison Calculator Sign
Credit Card Interest Rate Comparison Calculator

This calculator will calculate the interest and opportunity costs of making only the minimum monthly payment on your credit card, and then compare those costs to rates that are 1-4% lower. The Learn tab includes:

  • What are foregone interest earnings?
  • The tsunami effect.
  • Get paid to lower your rates.
Learn More

Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Balance:Current balance:Current balance:Current balance:

Current balance:

Enter the current balance on your credit card. Enter as a dollar amount but without the dollar sign and any commas. If you have added any charges to your card since your last statement, be sure to include those as well.

% rate:Percent rate:Annual interest rate :Annual interest rate percentage:

Annual interest rate:

Enter the annual interest rate you are being charged on the credit card. Enter as a percentage, but without the percent sign (for .1799 or 17.99%, enter 17.99).

ROI %:ROI percentage:Percent return on investments :Percentage return on investments :

Percentage return on investments :

Enter the annual percentage return you feel you could earn on your investments. Enter as a percentage, but without the percent sign (for .06 or 6%, enter 6).

Current age:Current age:Current age:Current age:

Current age:

Enter the lowest allowable minimum payment dollar amount. Enter as a dollar amount but without the dollar sign and any commas.

Enter your current age. The calculator will use this figure to calculate the opportunity cost of carrying a balance on a credit card and only making the minimum monthly payments.

Retire age:Retirement age:Age you plan to retire:Age you plan to retire:

Age you plan to retire:

Enter the age you plan to retire at. The calculator will use this figure to calculate the opportunity cost of carrying a balance on a credit card and only making the minimum monthly payments.

Interest Rate Comparison
Tap the text for a description of each column.
%%RateRate

Interest rate:

The first line in this column is your current annual interest rate, followed by 4 rates that are each 1% lower than the previous rate.

###
of
Pmts
Number
of
Payments

Number of Payments:

This column shows the number of minimum monthly payments you will make before the balance is paid off, for the corresponding interest rate listed in the far left-hand column.

Int
Cost
Int
Cost
Interest
Cost
Interest
Cost

Interest Cost:

This column shows how much interest you will end up paying if you make only the declining minimum monthly payments for the corresponding interest rate listed in the far left-hand column.

Int
Save
Int
Save
Interest
Savings
Interest
Savings

Interest Savings:

This column shows how much interest you could save if you lowered your current annual percentage rate to one listed in the far left-hand column.

Lost
Val
Lost
Val
Foregone
Value
Foregone
Value

Foregone Value:

This column shows how much your investment could have grown to if you had paid cash for your purchases and invested the avoided interest charges. Note that earnings are calculated starting with your current age and ending either when the credit card is paid off, or when you reach retirement age, whichever is longer.

Opp.
Cost
Save
Opp.
Cost
Save
Opp.
Cost
Savings
Opp.
Cost
Savings

Opportunity Cost Savings:

This column shows the reduced opportunity cost of lowering your current annual percentage rate to the one listed in the far left-hand column.

      
      
      
      
      

If you would like to save the current entries to the secure database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Feedback AppreciatedFeedback Greatly AppreciatedYour Feedback Would Be Greatly AppreciatedYour Feedback Is Greatly Appreciated
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Tip

Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.

 

Favorites

Add or remove this page to/from my favorites.

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.