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Credit Card Minimum Payment Calculator

See how long minimum credit card payments take, total paid, total interest, and the savings from a higher fixed monthly payment.

Results update instantly.Change any value and the estimate recalculates on the spot.

Money

Credit card minimum payment

See the time and interest cost of paying only the required minimum.

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Payoff time at the minimum

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  • Months to payoff-
  • Total paid-
  • Total interest-
  • First minimum payment-
Minimum paymentsFixed payment

Minimum payments cost more

Compare the required minimum with a higher fixed payment.

Paying minimums-
Paying $200 monthly-

Assumes no new charges or fees. The minimum is recalculated monthly as the greater of the selected balance percentage or payment floor.

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Compare balance transfer options

If you are paying high interest, a balance transfer card with a 0% introductory APR can cut your payoff time dramatically. Compare the intro period length, transfer fee (usually 3-5%), and the regular APR after the intro ends.

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How it works

How the Credit Card Minimum Payment Calculator works

Quick answer: Paying only the minimum on a $5,000 card at 20% APR (interest plus 1% of the balance, $25 floor) takes 18y 10m and costs $7,317 in interest. A fixed $200 payment instead: 33 months · $1,522 interest.

Formula

Each month: interest = balance × APR ÷ 12
Minimum = max(interest + balance × minimum %, floor)
New balance = balance + interest − payment

The minimum is recalculated every month, so it shrinks as the balance falls, which is why payoff takes so long.

Worked example

$5,000 balance, 20% APR, minimum = interest + 1%, at least $25. First minimum: $133.33. Payoff: 18y 10m (226 months). Total interest: $7,317. Total paid: $12,317.

$5,000 at 20% APR with a fixed monthly payment

Fixed paymentPayoff time and interest
$15050 months · $2,359 interestOpen
$20033 months · $1,522 interestOpen
$30020 months · $907 interestOpen
$50012 months · $515 interestOpen

Assumptions and limits

  • Assumes no new purchases, fees, or rate changes.
  • Card issuers set their own minimum formulas; check your statement.

Frequently asked questions

Why do minimum payments take so long?

Most of each payment goes to interest, so the balance shrinks slowly.

How much do I save by paying more?

Enter a higher fixed payment to compare total paid and interest saved.

Why does the minimum payment take so long?

Most of an early minimum payment goes to interest, and the minimum falls with the balance, so principal shrinks slowly.

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