This calculator gives you an overview of 1) what your current credit card payments and interest costs look like, and 2) how to speed up your payment schedule by using a new, low-interest card. Start by entering all your credit card balances in the existing credit card lines, including the credit card rate, limit, and monthly payment. The calculator will show your optimized balance and the monthly payment on each of these cards. Most people are surprised to see how much they’re spending on interest costs. When the balances are spread out over multiple cards, the costs start to add up quickly.

Next, compare the financial details when a new low-interest card is used. Many credit card companies offer competitive terms for new lines of credit, with an option to roll the balances from other cards. This strategy buys time so you can pay the balance quicker by reducing the amount of money that goes toward interest costs each month. Compare the payment timeline and optimized details by entering different interest rates and distribution of the balances on the cards. When you calculate the numbers, the graph shows the difference between your current interest burden over the payment timeline and the optimized strategy that can save thousands of dollars over time. Leveraging low-interest options can save you a substantial amount of money.