Balance Transfer Calculator
Compare keeping a credit card balance against a balance transfer: see the fee, interest both ways, and your net savings. Free and accurate.
Independently verified for accuracy
Calculator by Toolsloft ↗- Transfer fee
- 240
- Months to pay off (keep)
- 26
- Interest (keep)
- 2057.16
- Months to pay off (transfer)
- 21
- Interest (transfer)
- 36.12
- Total cost of transfer
- 276.12
- Savings
- 1781.04
This calculator compares keeping a credit card balance where it is against moving it to a balance transfer card with a promotional rate. It accounts for the transfer fee, the promo period, and the rate that applies once the promo ends. The result shows the interest each way, the all-in cost of the transfer, and your net savings.
How this is calculated
It runs a month-by-month amortization of both paths at a fixed payment. Each month it adds interest at that month's rate divided by 12, then applies the payment; the transfer path uses the promo APR through the promo months and the post-promo APR after. The all-in transfer cost is promo-period interest plus the upfront transfer fee, and savings is the keep-path interest minus that cost.
How to use
- Enter the current balance, its APR, and your fixed monthly payment.
- Enter the transfer fee, promo APR, promo length in months, and the post-promo APR.
- Read the interest each way, the total transfer cost, and your savings.
Examples
- $8,000 at 22% vs 0% for 18 mo, 3% fee, $400/mo:
savings $1,781.04 - $5,000 at 19.99% vs 0% for 12 mo, 5% fee, $250/mo:
savings $708.10
FAQ
- How does the transfer fee factor in?
- The fee is a percentage of the balance, added to the amount you owe on the new card and counted in the total cost of the transfer.
- What happens after the promo period ends?
- Any remaining balance starts accruing interest at the post-promo APR you enter, which the simulation applies from the first month after the promo.
- Why might the result say the payment is too low?
- If the monthly payment does not even cover the interest, the balance never falls. Raise the payment so it exceeds the monthly interest.