Balance Transfer Calculator
Should you transfer your credit card balance to a 0% APR card? See how much you'll save after the transfer fee, and exactly what you need to pay monthly to be debt-free before the promo ends.
Interest Saved During Promo
$1,868
Transfer fee: $240
Transfer Fee
$240
Pay Off in Promo
$549/mo
Interest if Not Paid Off
$454
Balance Over Time
Current Credit Card
Typically 1–3% of balance
Minimum $ amount (usually $25–35)
Current minimum payment
$160/mo
Balance Transfer Offer
Typically 3–5% of transferred amount
Usually 0% for promotional offers
Rate after promotional period ends
Payment Plan
To pay off during promo
$458/mo for 18 months
At $300/mo, the balance will not be fully paid during the promotional period.
Transfer fee amount
$240 (3% of $8,000)
Estimated Net Savings
$2,710
Transfer saves $2,710 compared to keeping your current card.
Break-even in
2 months
At $300/month, you'll have $2,840 remaining when the 18-month promo ends. The 24.99% APR will then apply.
Post-promo rate (24.99%) is higher than your current rate (22.99%). Make sure to pay off during promo period.
To pay off during the promo period, you need to pay $458/month.
Transfer Fee
$240
Interest Saved
$2,950
Payoff in Promo
$458/mo
Months Faster
9
Balance Over Time
Shows remaining balance over time for each scenario.
Side-by-Side Comparison
| Metric | Current Card | Transfer @ $300/mo | Difference |
|---|---|---|---|
| Time to Pay Off | 3y 2m | 2y 5m | — |
| Total Interest | $3,306 | $357 | -$2,950 |
| Transfer Fee | — | $240 | — |
| Total Cost | $3,306 | $597 | -$2,710 |
| Pay-Off-in-Promo Payment | — | $458/mo | — |
Payment Schedule
| Month | Payment | Principal | Interest | Balance | Period |
|---|---|---|---|---|---|
| 1 | $300 | $300 | $0 | $7,940 | Promo |
| 2 | $300 | $300 | $0 | $7,640 | Promo |
| 3 | $300 | $300 | $0 | $7,340 | Promo |
| 4 | $300 | $300 | $0 | $7,040 | Promo |
| 5 | $300 | $300 | $0 | $6,740 | Promo |
| 6 | $300 | $300 | $0 | $6,440 | Promo |
| 7 | $300 | $300 | $0 | $6,140 | Promo |
| 8 | $300 | $300 | $0 | $5,840 | Promo |
| 9 | $300 | $300 | $0 | $5,540 | Promo |
| 10 | $300 | $300 | $0 | $5,240 | Promo |
| 11 | $300 | $300 | $0 | $4,940 | Promo |
| 12 | $300 | $300 | $0 | $4,640 | Promo |
| 13 | $300 | $300 | $0 | $4,340 | Promo |
| 14 | $300 | $300 | $0 | $4,040 | Promo |
| 15 | $300 | $300 | $0 | $3,740 | Promo |
| 16 | $300 | $300 | $0 | $3,440 | Promo |
| 17 | $300 | $300 | $0 | $3,140 | Promo |
| 18 | $300 | $300 | $0 | $2,840 | Promo |
| 19 | $300 | $241 | $59 | $2,599 | Standard |
| 20 | $300 | $246 | $54 | $2,353 | Standard |
| 21 | $300 | $251 | $49 | $2,102 | Standard |
| 22 | $300 | $256 | $44 | $1,846 | Standard |
| 23 | $300 | $262 | $38 | $1,585 | Standard |
| 24 | $300 | $267 | $33 | $1,318 | Standard |
| 25 | $300 | $273 | $27 | $1,045 | Standard |
| 26 | $300 | $278 | $22 | $767 | Standard |
| 27 | $300 | $284 | $16 | $483 | Standard |
| 28 | $300 | $290 | $10 | $193 | Standard |
| 29 | $197 | $193 | $4 | $0 | Standard |
Understanding Balance Transfers
When Balance Transfers May Be Beneficial
- • The balance can be paid off during the promotional period
- • The transfer fee is less than the interest that would otherwise accrue
- • There is a clear payoff plan before applying
- • The old card will not accumulate new charges
Common Considerations
- • Post-promotional rates are often higher than the original rate
- • Continuing to spend on the original card can offset savings
- • Missing payments may void the promotional rate
- • Transfer fees reduce the net benefit
About This Analysis
This calculator provides estimates based on the inputs you supply. It assumes standard amortization and does not account for taxes, insurance, PMI, prepayment penalties, or the opportunity cost of funds. Results are for informational and educational purposes only and should not be considered financial advice. Consult a qualified professional before making financial decisions.
- ·Does not account for potential changes in APR after the promotional period.
- ·Assumes consistent monthly payments throughout the payoff period.
- ·Actual terms may vary by card issuer and creditworthiness.
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Quick Reference
- Average Credit Card APRsBy card type (rewards, store, secured)
- Credit Score RangesFICO vs VantageScore, what each range means
- Balance Transfer TermsHow 0% intro APR works, typical terms and fees
- Debt-to-Income GuidelinesWhat lenders want for mortgages, auto, personal loans
- Statute of Limitations by StateHow long debt can be legally collected
Insights
8 calculators · 5 reference pages