Credit Card Instalment Fee Calculator (Korea)
Work out the fee and each payment for a Korean credit-card instalment plan from the amount, months, annual fee rate and any interest-free months.
Total instalment fee
₩97,500
8.13% of the purchase
Total paid
₩1,297,500
First payment
₩115,000
| No. | Principal | Fee | Payment | Balance |
|---|---|---|---|---|
| 1 | 100,000 | 15,000 | 115,000 | 1,100,000 |
| 2 | 100,000 | 13,750 | 113,750 | 1,000,000 |
| 3 | 100,000 | 12,500 | 112,500 | 900,000 |
| 4 | 100,000 | 11,250 | 111,250 | 800,000 |
| 5 | 100,000 | 10,000 | 110,000 | 700,000 |
| 6 | 100,000 | 8,750 | 108,750 | 600,000 |
| 7 | 100,000 | 7,500 | 107,500 | 500,000 |
| 8 | 100,000 | 6,250 | 106,250 | 400,000 |
| 9 | 100,000 | 5,000 | 105,000 | 300,000 |
| 10 | 100,000 | 3,750 | 103,750 | 200,000 |
| 11 | 100,000 | 2,500 | 102,500 | 100,000 |
| 12 | 100,000 | 1,250 | 101,250 | 0 |
Monthly method (balance × annual rate ÷ 12, cut to the won). The leftover won of the principal goes into the first payment.
How to use
- Enter the purchase amount and pick the number of months.
- Enter the annual instalment fee rate from your issuer; for an interest-free plan enter 0 or choose all months free.
- Choose any interest-free months to see the total fee, the total paid and the payment schedule.
About this tool
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A Korean credit-card instalment plan repays the purchase in equal monthly slices of principal, and the instalment fee is charged on the balance still owed. The monthly method most issuers describe is balance × annual fee rate ÷ 12, so the first month's fee is the largest and it shrinks with every payment. The won left over when the principal is divided goes into the first instalment.
For example, 1,200,000 won over 12 months at 15% a year repays 100,000 won of principal each month with fees of 15,000, 13,750 … 1,250 won, 97,500 won in all. That is about 8.1% of the purchase, a little over half of 15%, because the balance falls every month. With months 1 to 3 interest-free the first three fees drop out and the total is 56,250 won.
Fee rates vary by issuer, credit standing and length, roughly 7 to 20% a year, so check yours in the card app or on the Credit Finance Association's disclosure. Some issuers charge by the actual number of days, which moves each month's fee by a few won; paying part of the balance early and revolving credit are not modelled.
Frequently asked questions
How is the instalment fee worked out?
Each month the remaining balance is multiplied by the annual rate divided by 12. Principal is repaid in equal slices, so the fee is largest in the first month and falls after that.
Does 15% a year mean a 15% fee?
No. Because the balance shrinks every month, the total fee for 12 months is about 8.1% of the purchase, and for 3 months about 2.5%.
What is a partly interest-free plan?
A plan that waives the fee for some instalments, for example months 1 to 3 of 10. The waived months are the ones with the largest balance, so the saving is bigger than it looks.
Why does my issuer's figure differ slightly?
Some issuers charge by the actual days in each billing period or round differently, which can move each month's fee by a few won.
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