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Credit card repayment calculator (Australia)
Put in your balance and interest rate. See the month you're debt-free, what it costs in interest, and how much longer the minimum payment takes.
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Get Savyit freeHow this is calculated
Each month, interest is charged at your APR divided by 12 on what you still owe. Your payment covers that interest first, and the rest brings the balance down. The calculator repeats this month by month until the balance reaches zero, so the last payment is smaller than the rest.
To work out a payment for a chosen date, it uses the standard loan formula: payment = balance × r ÷ (1 − (1 + r)−months), where r is the monthly rate.
Worked example
A A$5,000 balance at 18% APR, paying A$200 a month, takes 32 months to clear and costs about A$1,300 in interest. Paying A$300 a month clears it in 20 months and saves about A$480.
Questions
How is credit card interest worked out each month?
Your APR is divided by 12 and charged on the balance. At 22.8% APR that is 1.9% a month, so a A$5,000 balance costs about A$95 in interest before you pay anything off.
What is the minimum payment on a credit card?
A common rule is 2% to 3% of the balance, or about $25. Check your statement for your issuer's exact rule. The calculator uses this to show how long minimum payments take.
Why does paying only the minimum take so long?
The minimum shrinks as your balance shrinks, so most of each payment goes to interest. A fixed payment that stays the same each month clears the card years sooner.
Is it better to pay a fixed amount or pick a payoff date?
Both work. Pick a date if you want a finish line; the calculator tells you the payment. Pick a payment if your budget is fixed; it tells you the date.
Does this include new purchases or fees?
No. It assumes you stop using the card and that the APR stays the same. New spending or a promo rate ending will change the result.
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Estimates for planning, not financial advice. Everything is calculated in your browser; nothing you type is sent anywhere. Updated 2026-10-29.