Estimate your monthly payments for healthcare and cosmetic procedures with CareCredit.
Enter the total cost of your medical or cosmetic procedure.
6 Months No Interest
12 Months No Interest
18 Months Special Financing
24 Months Special Financing
36 Months Special Financing
48 Months Special Financing
60 Months Special Financing
Select the promotional financing plan offered by CareCredit.
Enter the APR for plans longer than 6 months (typically around 29.99%).
Your Estimated CareCredit Payments
$0.00
Total Cost of Procedure:$0.00
Promotional Plan:N/A
Estimated Interest Paid:$0.00
Total Amount to Repay:$0.00
How it's calculated:
For "No Interest" plans (6 & 12 months), the monthly payment is simply the Procedure Cost divided by the number of months. Interest is $0 if paid in full by the end of the promotional period. For "Special Financing" plans (18+ months), a standard loan amortization formula is used with the specified Annual Interest Rate (APR). If the balance isn't paid in full by the end of the promotional period, accrued interest (often at a high rate) is typically charged retroactively from the purchase date.
Payment Schedule Breakdown
Month
Payment
Principal Paid
Interest Paid
Remaining Balance
Payment Distribution Over Time
What is CareCredit Financing?
CareCredit financing is a healthcare credit card specifically designed to pay for treatments and procedures not typically covered by traditional health insurance. It's widely accepted by over 250,000 healthcare providers nationwide, covering a broad spectrum of services including dental, vision, veterinary, cosmetic surgery, dermatology, audiology, and more. The primary appeal of CareCredit lies in its promotional financing options, which often include interest-free periods if the balance is paid in full within a specified term.
Who should use it? Individuals seeking financing for medical, dental, cosmetic, or veterinary expenses who want flexible payment options and may qualify for interest-free promotional periods. It's particularly useful for elective procedures or unexpected medical bills that exceed immediate budget capabilities.
Common misconceptions: A frequent misunderstanding is that all CareCredit plans are interest-free. While many offer "No Interest" promotional periods, these are conditional. If the balance isn't paid in full by the end of the term, retroactive interest at a high APR (often around 29.99%) is usually charged. Another misconception is that it's a traditional loan; it's a revolving line of credit, similar to a credit card.
CareCredit Financing Calculator Formula and Mathematical Explanation
The calculation for a CareCredit financing calculator involves two main scenarios based on the promotional plan selected:
Scenario 1: "No Interest" Promotional Plans (e.g., 6, 12 months)
For these plans, the goal is to pay off the entire principal amount within the promotional period without incurring interest charges. The formula is straightforward:
Monthly Payment = Procedure Cost / Number of Months
Interest Paid = $0 (provided the balance is paid in full by the end of the term).
These plans function more like traditional loans. While they may offer a deferred interest period, if the balance isn't paid in full by the end of the term, interest is typically charged retroactively. For calculation purposes within the calculator, we often model these using a standard loan amortization formula, assuming the stated APR applies throughout the term for simplicity, or at least to calculate the minimum required payments.
The standard loan payment formula (for calculating monthly payments on an amortizing loan) is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = Monthly Payment
P = Principal Loan Amount (Procedure Cost)
i = Monthly Interest Rate (Annual Interest Rate / 12)
n = Total Number of Payments (Number of Months in the plan)
The total interest paid over the life of the loan is calculated as: Total Interest = (Monthly Payment * Number of Months) – Procedure Cost
Variables Table
CareCredit Calculator Variables
Variable
Meaning
Unit
Typical Range
Procedure Cost (P)
The total amount financed for the medical or cosmetic procedure.
Currency ($)
$100 – $50,000+
Promotional Plan (Months)
The duration of the CareCredit financing offer in months.
Months
6, 12, 18, 24, 36, 48, 60
Annual Interest Rate (APR)
The yearly interest rate applied to the balance, especially for plans longer than 6 months or if the promotional period is not met.
Percentage (%)
0% (for no-interest plans if paid in full) or ~29.99% (standard rate)
Monthly Interest Rate (i)
The Annual Interest Rate divided by 12.
Decimal
0 to ~0.025 (0.025 * 12 = 0.30 or 30%)
Number of Payments (n)
The total number of monthly payments required.
Count
Equal to the plan duration in months.
Monthly Payment (M)
The fixed amount paid each month towards the balance.
Currency ($)
Calculated
Total Interest Paid
The sum of all interest charges over the repayment period.
Currency ($)
Calculated
Total Amount to Repay
The sum of the Procedure Cost and Total Interest Paid.
Currency ($)
Calculated
Practical Examples (Real-World Use Cases)
Example 1: Dental Procedure with 12-Month No Interest Plan
Sarah needs a dental crown that costs $3,000. She qualifies for CareCredit's 12-month "No Interest" promotional plan. She plans to pay it off within the 12 months.
Inputs:
Procedure Cost: $3,000
Payment Plan: 12 Months No Interest
Annual Interest Rate: N/A (for this plan type)
Calculation:
Since it's a 12-month "No Interest" plan, the calculation is simple division:
Monthly Payment = $3,000 / 12 months = $250.00
Interest Paid = $0.00
Total Amount to Repay = $3,000.00
Interpretation: Sarah will pay $250 each month for 12 months, totaling $3,000. As long as she pays the full $3,000 within the 12-month period, she won't pay any interest.
Example 2: Cosmetic Surgery with 24-Month Special Financing
Mark wants to undergo a cosmetic procedure costing $10,000. He chooses CareCredit's 24-month "Special Financing" plan, which has an APR of 29.99% if not paid off within the promotional period.
Interpretation: Mark's estimated monthly payment is approximately $537.90. If he pays this amount consistently for 24 months, he will repay $12,909.60, meaning he'll pay about $2,909.60 in interest. It's crucial for Mark to pay off the entire $10,000 balance before the 24-month period ends to avoid potentially higher retroactive interest charges.
How to Use This CareCredit Financing Calculator
Our CareCredit financing calculator is designed to be intuitive and provide quick estimates for your healthcare financing needs. Follow these simple steps:
Enter the Procedure Cost: Input the total amount you need to finance for your medical, dental, or cosmetic procedure into the "Procedure Cost" field.
Select Your Payment Plan: Choose the specific CareCredit promotional financing plan offered to you from the dropdown menu (e.g., "6 Months No Interest", "24 Months Special Financing").
Input the Annual Interest Rate (if applicable): For plans longer than 6 months, enter the Annual Percentage Rate (APR) associated with that specific plan. CareCredit often uses a standard rate like 29.99% for these calculations. If you select a "No Interest" plan, this field is less critical for the initial calculation but important for understanding potential costs if the balance isn't paid off.
Click "Calculate Payments": Press the button to see your estimated results.
How to Read Results:
Primary Result (Monthly Payment): This is the most prominent figure, showing your estimated minimum monthly payment.
Total Cost of Procedure: Confirms the initial amount you entered.
Promotional Plan: Details the financing option you selected.
Estimated Interest Paid: Shows the total interest you'd pay if you make only the minimum payments over the entire term. For "No Interest" plans, this should ideally be $0 if paid in full on time.
Total Amount to Repay: The sum of the procedure cost and the estimated interest.
Payment Schedule Table: Provides a month-by-month breakdown of how your payments are allocated between principal and interest, and the remaining balance.
Chart: Visually represents the distribution of your payments between principal and interest over the loan term.
Decision-Making Guidance:
Use the results to determine if the monthly payment fits your budget. For "No Interest" plans, ensure you have a solid plan to pay off the entire balance before the promotional period ends to avoid significant interest charges. For "Special Financing" plans, compare the total repayment amount to other financing options and consider the impact of the interest.
Key Factors That Affect CareCredit Results
Several factors influence the outcome of your CareCredit financing and the results shown by the calculator:
Promotional Plan Duration: Longer plans naturally lead to lower monthly payments but often involve higher total interest costs, especially for "Special Financing" options. Shorter "No Interest" plans require higher monthly payments but save you money on interest if paid off on time.
Annual Interest Rate (APR): This is the most significant factor for "Special Financing" plans. A higher APR dramatically increases the total interest paid and the overall cost of the procedure. Always check the specific APR for your chosen plan.
Procedure Cost: The principal amount financed directly impacts both the monthly payment and the total interest paid. Larger costs require larger payments or longer repayment terms.
Payment Discipline: For "No Interest" plans, timely payments are crucial. Missing payments or failing to pay the full balance by the end of the promotional period can trigger high retroactive interest charges, significantly increasing the total cost.
Provider Agreements: Different healthcare providers may offer different CareCredit promotional plans. The availability of a 6-month "No Interest" plan versus a 24-month "Special Financing" plan can significantly alter your repayment structure.
Fees: While not always explicitly stated in basic calculators, be aware of potential late fees or other charges associated with CareCredit accounts if payments are missed or terms are violated. These can add to the overall cost.
Early Payoff Strategy: Making extra payments towards the principal, especially on "Special Financing" plans, can reduce the total interest paid and shorten the loan term. Our calculator helps visualize the standard amortization, but strategic overpayments can yield further savings.
Frequently Asked Questions (FAQ)
What is the difference between "No Interest" and "Special Financing" on CareCredit?
"No Interest" plans mean you pay no interest if the full balance is paid within the promotional period (e.g., 6 or 12 months). "Special Financing" plans offer a promotional period, but if the balance isn't paid in full by the end, interest is typically charged retroactively from the purchase date at a high standard APR (often 29.99%).
What happens if I don't pay off my CareCredit balance within the promotional period?
For "No Interest" plans, you'll likely be charged all the interest that accrued from the purchase date, usually at the standard high APR. For "Special Financing" plans, the remaining balance will continue to accrue interest at the standard APR, and your minimum payments will be recalculated.
Can I use CareCredit for any medical or dental procedure?
CareCredit is accepted by over 250,000 healthcare providers for a wide range of services, including dental, vision, cosmetic, veterinary, audiology, and more. However, acceptance varies by provider, so it's best to confirm with your specific doctor or clinic.
Is CareCredit a loan or a credit card?
CareCredit functions like a credit card, offering a revolving line of credit. It is not a traditional installment loan, although the "Special Financing" plans operate similarly to loans in terms of interest accrual if not paid off.
How do I know the exact APR for my CareCredit plan?
The specific APR for your plan should be detailed in the cardholder agreement you receive from CareCredit and often on the promotional offer provided by your healthcare provider.
Can I make extra payments on my CareCredit account?
Yes, you can always make payments larger than the minimum due. This is highly recommended for "Special Financing" plans to reduce the total interest paid and pay off the balance faster.
Does applying for CareCredit affect my credit score?
Yes, applying for CareCredit typically involves a hard inquiry on your credit report, which can temporarily lower your credit score. Your payment history with CareCredit will also be reported to credit bureaus.
What is the typical credit limit for CareCredit?
Credit limits vary significantly based on the applicant's creditworthiness, but they can range from a few hundred dollars up to $7,500 or more for qualified individuals.