How to Calculate Credit Card Payment & Interest

One of the reasons credit-card debt can be problematic is the high interest costs it comes with compared to other types of debt. If you have credit-card debt, it's smart and responsible to keep an eye on your payment and interest paid each month. One of the best ways to calculate your payment and interest is by bookmarking an online calculator.

Step 1

Use the credit-card calculator provided by CSGNetwork (see Resources) to calculate credit-card payment and interest. Enter the basic details of your loan, including the current balance, rate and payment percentage (varies — ask your credit-card company) under the "Required Data Entry" section at the top. When you click the "Calculate" button the tool displays the minimum payment and total amount of interest you'll pay to eliminate the debt.

Step 2

Downlaod the Vertex42 Credit Card Payment Calculator to your computer. You need Microsoft Excel for this tool. The download displays a spreadsheet that opens in Excel. Enter the various terms of your credit-card account at the top to display the payments and interest paid each month. The tool also shows how long it will be until you pay off the card and a running balance for the account.

Step 3

Use the credit card calculator at the What's the Cost website to determine the payment and interest. After you enter your account information, the corresponding amortization table displays at the bottom of the screen with a breakdown of the interest paid and minimum payment each month, as well as the time it takes to clear the debt. You can also enter any figure you'd like to see what would happen if you make an extra payment each month.

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