Try it yourself: Balance transfer repayment calculator
- The calculator starts by adding all of your existing card balances together.
- It then adds the fee you’ll pay for a balance transfer to the new card as well as the new card’s annual fee (if applicable).
- From there, the calculator takes the total amount of the transfer and divides it by the length of your new card’s intro APR.
- This will give you a sliding scale of payments that will show you how much money you’ll have to pay onto your card to pay it off in the introductory period.
- It also provides you with stats to show you how much you’ll save by paying off your balance after consolidating your debt with a balance transfer credit card.
If you were to do the math by hand, you’d use this formula:(Total of existing card balances + Balance transfer fee of new card + Annual fee of new card) / Length of intro APR
What this calculator will tell you about your balance transfer
After you input information such as your balances owing and information about your new credit card, the calculator will show a few different results. The first thing you’ll see is a top bar showing your monthly repayments. The second section shows the number of months it will take to pay off your debt. Finally, the third section outlines how much money you’ll save by transferring.