Credit and debt
Credit card minimum payment calculator
Card minimums shrink as the balance falls, which stretches payoff out. Enter your card's minimum formula from the statement or card agreement.
What this means
- Paying only the minimum takes about 19.2 years and costs $8,099.76 in interest.
- Keeping the payment at $141.67 instead saves $4,978.42 and finishes in 58 months.
- The estimate assumes no new purchases and a steady APR.
What if
About this calculator
What this calculator does
It recalculates the minimum every month from the falling balance, the way most cards do, and counts how long payoff takes. It compares that with paying the first minimum every month.
How it is calculated
interest = balance * APR / 12
minimum = max(floor, balance * percent + interest) for the plus-interest formula
minimum = max(floor, balance * percent) for the percent-only formula
How to read the result
The years figure is the time to reach a zero balance on minimums alone. The fixed comparison shows how much a steady payment saves.
Where to find your formula
Your card agreement or statement explains how the minimum is set. Many cards use a small percent of the balance plus that month's interest, with a dollar floor.
Sources and method
A month-by-month loop using the minimum payment rule you choose, with a floor. Payoff that never ends is flagged instead of shown.
Questions
Why does paying the minimum take so long?
The minimum shrinks as the balance shrinks, so most of each payment goes to interest for a long time.
What formula does my card use?
Check the card agreement or statement. Formulas differ between issuers.
Does it include new purchases or fees?
No. It assumes the card is not used and no fees are added.
What is the floor?
The lowest minimum the issuer accepts, such as $25 or $35. Small balances pay the floor or the full balance.