Minimum Payment Calculator

Calculate credit card minimum payments and see how long it takes to pay off your balance. Understand the true cost of making only minimum payments.

Minimum payments on credit cards are designed to keep you in debt for as long as possible. This calculator reveals the true cost of only making minimum payments, showing you the years of payments and thousands in interest you'll pay.

Calculator

$
%
%
$
Time to Pay Off
0 years, 0 months
Total Interest Paid
$0.00
Total Amount Paid
$0.00
Initial Minimum Payment
$25.00
Interest as % of Balance
NaN%

Common use cases

  • Understanding the danger of minimum payments
  • Motivating yourself to pay more than minimum
  • Comparing minimum payment policies
  • Financial education

How to use

  1. Enter your current credit card balance
  2. Input your card's APR
  3. Enter the minimum payment percentage (typically 1-3%)
  4. Set the minimum payment floor (usually $25-35)
  5. See the shocking payoff timeline

FAQ

How is the minimum payment calculated?

Usually the greater of: a percentage of balance (1-3%), or a flat amount ($25-35), or interest plus $1.

Why do minimum payments decrease over time?

As your balance decreases, the percentage-based minimum also decreases, extending your payoff timeline.

What happens if I only pay the minimum?

You'll pay mostly interest, stay in debt for decades, and pay 2-3x your original balance.

This calculator provides illustrative estimates for planning purposes only and does not constitute financial, tax, or legal advice.