Because the minimum shrinks as the balance falls, paying only the minimum can take decades. Card statements must show how long minimum payments will take and the payment needed to pay off in 3 years (CARD Act). Everything is calculated in your browser, so nothing you type is sent to our server.
How to use the Credit Card Minimum Payment Calculator
- Balance
- APR
- Minimum payment method
- Minimum payment percentage
- Minimum payment floor
- Fixed payment to compare
Everything runs in your browser, so results appear instantly and nothing you type is sent to a server.
How it works
Enter the balance, APR, how your issuer calculates the minimum, the minimum percentage and dollar floor, and a fixed payment to compare.
Tips
- Compare loans by APR and total cost, not just the monthly payment.
- Extra payments go straight to principal and can save a lot of interest.
- Pay off the highest-rate debt first if you want to save the most money.
- Check for prepayment penalties before paying a loan off early.
Common mistakes to avoid
- Stretching a loan term to lower the payment without seeing the extra interest.
- Paying only the minimum on credit cards.
- Forgetting fees that are rolled into the loan.
Formula
Minimum payment = max(floor, balance × %) or max(floor, balance × % + monthly interest)Each month: balance = balance × (1 + APR ÷ 12) − payment, until paidSavings = interest at minimum − interest at fixed paymentWorked example
Inputs — Balance: $5,000; APR: 22 %; Minimum payment method: Percentage of balance + interest; Minimum payment percentage: 1 %; Minimum payment floor: $35; Fixed payment to compare: $200.
Results — First minimum payment = $141.67; Time to pay off with minimum payments = 16 yr 5 mo; Number of minimum payments = 197; Total interest – minimum payments = $7,673.11; Total paid – minimum payments = $12,673.11; Payoff month (minimum payments) = 2043-03.
Frequently asked questions
How is the minimum payment calculated?
Usually 1% of the balance plus interest and fees, or 2–3% of the balance, with a $25–$40 floor.
Why does paying the minimum take so long?
The payment shrinks as the balance falls, so most of it goes to interest.
Will paying the minimum hurt my credit?
No, but high utilization and a growing balance can.
What formula does the Credit Card Minimum Payment Calculator use?
Minimum payment = max(floor, balance × %) or max(floor, balance × % + monthly interest).