Loans and Debt
Credit Card Repayment Calculator
Find out how long your Australian credit card balance will take to pay off, what it costs in interest, and exactly how much extra repayments can save.
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Your results
Months to repay2 yr 8 mo
Estimated payoff date04/04/2029
Total payments$6,313.96
Total interest$1,313.96
Total fees$0.00
Months saved with extra repayment8 mo
Interest saved with extra repayment$324.83
Calculation breakdown
- Monthly interest
- $5,000 × (18% ÷ 12) = interest charged each month
- Payment applied
- Monthly payment $200 − fee $0 − interest = principal reduction
Assumptions
- Interest compounds monthly on the remaining balance.
- Your monthly payment and fee stay constant for the life of the debt.
- No new purchases are added to the card while it's being repaid.
- The extra payment scenario assumes it starts from month one.
How this calculator works
This calculator simulates your card month by month, charging interest on the outstanding balance and subtracting your repayment and monthly fee, until the balance reaches zero.
Frequently asked questions
Why did I get an error?
If your monthly payment is not larger than the first month's interest plus fees, the balance never goes down.
Why are minimum payments so expensive?
Minimums are typically 2–3% of the balance, so most of each payment goes to interest and the debt lingers for years.
Should I use a balance transfer?
A 0% balance transfer can help if you clear the balance before the promotional period ends.
Results are estimates only and are not financial, tax, legal or credit advice.
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