The 34-year-old former Wigan, Tottenham, Sunderland and Blackburn full-back joined the club on a three-month deal in October and has been a regular for the Cumbrians, making a total of 13 appearances.
"I'm very happy to have everything sorted," Chimbonda told the club's official website.
"Things have been good between me and Carlisle United and I wanted to show the manager I was loyal to the club, and committed to helping him, by staying until the end of the season."
"Kav was the one who gave me an opportunity to get back into football so when he told me he wanted me to extend my contract until the end of the season it was an easy decision for me," Chimbonda added.
"The first contract was obviously only for three months so I'm happy that I've shown him what I can do and that he now wants me to carry on helping the team.
"There was interest from other clubs but this wasn't a hard decision for me.
"Kav gave me the opportunity so I don't see why I can't show some of that loyalty back.
"I'm not looking any further than the end of the season at the moment.
"I'm happy to be here and the manager is happy to have me on board."