Credit card minimum payment calculator
See how long it takes to pay off a card by making only minimum payments, and what a fixed payment would save.
Paying a fixed $116 every month would finish in 4 yr 9 mo and save about $3,975 in interest.
How it works
Many issuers set the minimum as the larger of a fixed floor or a percentage of the balance plus that month’s interest. Because the balance falls, the minimum falls too, and payoff takes much longer than with a fixed payment.
Issuers’ formulas differ. Check your statement’s minimum payment warning for your card’s actual figures.
Example
With the sample inputs shown above (Card balance ($) = 4000; APR (%) = 22.9; Percent of balance in minimum (%) = 1; Minimum payment floor ($) = 25), the calculator returns: First minimum: $116; Minimums only: 17 yr 6 mo; Total interest: $6,545 (Total paid $10,545).
Things to know
Look at your latest statement for the minimum payment formula, usually a percentage of the balance plus interest with a dollar floor, and enter those values here. Then compare the minimums-only timeline with a fixed payment to see what a steady amount saves.