Credit Card Calculator
Credit card debt is one of the biggest drags on borrowing power. This calculator shows how long a balance takes to clear and what it costs in interest.
Use the credit card calculator
Calculator results are estimates only and do not take every fee and charge into account. Interest rates and costs change over time, which affects the true cost of a loan. Results should not be relied on when making a decision about a loan. Please discuss your individual circumstances with us before acting.
What the credit card calculator tells you
What it shows
Time to repay, total interest paid, and the effect of paying more than the minimum.
What you need
Card balance, interest rate, and your monthly repayment amount.
What to do next
Clearing or reducing card limits before applying for a home loan can lift your borrowing capacity noticeably.
Three things worth testing
- Lenders assess your credit limit, not your balance, so reduce unused limits.
- Pay the highest rate card first while maintaining minimums on the rest.
- Consider consolidating card debt before applying for a mortgage.
Frequently asked questions
Do credit cards really reduce how much I can borrow?
Should I close cards before applying for a home loan?
Turn the numbers into an approval
A calculator gives you an estimate. A broker gives you a lender, a rate and an approval. Talk to Ezy Loans Australia about what these numbers mean for your situation.
About the author
Amrinder Singh is the founder of Ezy Loans Australia and an Australian Credit Representative (number 505232) of Mortgage Australia Group Pty Ltd, Australian Credit Licence 377294. He works with first home buyers, investors and self employed borrowers across Australia, arranging home loans, refinancing, construction finance and asset finance through a broad panel of lenders.
Calculator results are estimates only and do not take every fee and charge into account. Interest rates and costs change over time, which affects the true cost of a loan. Results should not be relied on when making a decision about a loan. Please discuss your individual circumstances with us before acting. Calculators are provided under licence from the Finance Brokers Association of Australia. This page is general information only and does not take your objectives, financial situation or needs into account.
Ezy Loans Australia is a Perth-based mortgage and finance brokerage helping first home buyers, investors and refinancers across Australia secure the right loan with confidence.
Contact Info:
- 905 Hay St, Perth WA 6000
- amrinder@ezyloansaustralia.com.au
- 0432 066 362