CareCredit Payment Calculator
Estimate your monthly payments for your CareCredit financing.
Your estimated monthly payment will appear here.
Understanding Your CareCredit Payments
CareCredit offers financing options for a variety of healthcare needs, from cosmetic procedures to veterinary bills. Understanding how your monthly payments are calculated is crucial for budgeting and managing your financial commitments. This calculator helps you estimate your regular payment based on the amount financed, the interest rate, and the repayment term.
How the Calculation Works
The monthly payment for an amortizing loan like those offered through CareCredit is calculated using the following formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
- M = Your total monthly payment
- P = The principal loan amount (the amount you financed)
- i = Your monthly interest rate (annual rate divided by 12)
- n = The total number of payments (loan term in months)
Example Breakdown:
Let's say you financed $5,000 for a dental procedure with a CareCredit card at an annual interest rate of 29.99% for a term of 24 months.
- P = $5,000
- Annual Rate = 29.99%
- i = 29.99% / 12 = 0.02499167 (monthly interest rate)
- n = 24 months
Plugging these values into the formula:
M = 5000 [ 0.02499167(1 + 0.02499167)^24 ] / [ (1 + 0.02499167)^24 – 1]
This calculation results in an estimated monthly payment of approximately $274.35.
Key Considerations for CareCredit
- Promotional Periods: CareCredit often offers promotional financing periods (e.g., 6, 12, 18, 24 months) with deferred interest. If the balance is not paid in full by the end of the promotional period, interest may be retroactively applied from the purchase date at the standard APR. This calculator assumes you are paying off the balance within the promotional period or are making standard payments at the advertised APR. Always read the terms and conditions carefully.
- Variable APRs: The APR for CareCredit can vary. Ensure you are using the correct rate for your specific card agreement.
- Fees: Be aware of any potential late fees or other charges that could affect your total cost.
- Budgeting: Use this calculator to see how different loan amounts and terms affect your monthly budget. This helps in making informed decisions about the procedures you finance.
This calculator provides an estimate. Your actual payment may vary slightly due to rounding or specific terms of your CareCredit agreement.