01 How the Analysis Works
Enter your debt balances and interest rates to see the cost of borrowing.
Effective Rate is the weighted average interest rate of the debts entered, based on each balance's share of the total debt.
Total Monthly Interest estimates the interest generated by the listed balances during one month using their entered annual rates.
Total Daily Interest and Total Hourly Interest translate the monthly estimate into smaller time periods to make the ongoing cost easier to understand.
The individual debt rows use the same approach, allowing you to see which balances are generating the greatest interest cost.
Focus on the Expensive Debt
Comparing balances by interest rate and interest cost can help identify which debts deserve closer attention.
Look Beyond the Balance
Two debts with similar balances can produce very different interest costs when their rates are different.
Recheck as Balances Change
Interest costs change as balances fall, rates change, promotional periods end, or new debt is added.
Important Considerations
This calculator provides an estimate of interest cost based on the balances and annual rates you enter.
Use the results as a way to understand and compare borrowing costs. Review the actual terms of your accounts before making financial decisions.