Credit Card Monthly Payment Calculator
Set a target payoff period and work backwards to the required monthly payment, plus total paid and total interest.
Input Data
Results
At a glance:Given a target payoff period, derive the fixed monthly payment via the annuity formula: P = R x CCB / (1 - (1+R)^(-T)), R = APR/12, T = months; at zero rate P = CCB/T. Total paid = P x T; interest = total - balance. Example: 10,000 at 18%, 24 months → ≈HK$499/mo, total ≈11,982, interest ≈1,982. Shorter term = higher monthly but less interest. WARNING: fixed rate, no new spending; issuer terms vary. Education, not advice.
Formula
$$$R=\\dfrac{APR\\%}{12}$$$$$$P=\\dfrac{R\\times CCB}{1-(1+R)^{-T}}$ ( $P=CCB/T$)$$$$$P\\times T$$P\\times T - CCB$$$How to Use
- Enter the current balance.
- Enter the APR.
- Enter the target months to see the required monthly payment and interest.
FAQ
How is this different from the credit card payoff calculator?
The payoff calculator answers 'known monthly payment → how long to clear'. This one reverses it: 'known target months → how much to pay monthly'. Both use the same annuity math; only the known and unknown swap. Pick based on whether you start from a fixed monthly budget or a fixed deadline.
How does shortening the term affect payment and interest?
Shorter term = higher monthly but less time for interest to accrue, so total interest falls; longer term = easier monthly but more interest. Adjust months to balance affordable payment against total cost.
Will my result match the issuer exactly?
This estimates with a fixed annual rate and equal instalments. Actual may differ with daily accrual, fees or different methods, and assumes no new spending. Use the statement as final.
Why does halving the term save more than half the interest?
Card interest accrues on the unpaid balance each period; the longer you owe, the longer principal sits and compounds, and the relationship is non-linear. In the example, extending 12→36 months (3x) balloons interest ~3x; halving the term lets principal drop faster so later periods charge interest on a smaller base — savings exceed intuition. That is why paying more/faster is urged. HK card rates (20%-36%) far exceed loans, so a short target saves a lot.
How does this differ from the payoff calculator, again?
They compute in opposite directions for opposite goals. The payoff calculator takes a fixed monthly payment and outputs months-to-clear plus total interest — for when your monthly capacity is fixed and you ask 'when am I free'. This calculator takes a target months-to-clear and outputs the required fixed monthly payment — for when you have a clear 'clear it in N years' goal and want to budget. Both rest on the same annuity math, just swapping known and unknown. Choose by whether you start from 'how much can I pay' or 'by when do I want it gone'.
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References
Content review: Calculatorism Finance Team. Results are for reference only; please refer to the relevant authorities for the official figures.