CREDIT CARD MINIMUM PAYMENT CALCULATOR

WHY THE MINIMUM TAKES SO LONG

Your minimum is a share of your balance. As the balance goes down, the minimum goes down with it, so you pay a little less every month and the debt sticks around for years. Take a $5,000 card at 24.99% APR with a $150 minimum. Paying only the minimum takes 21 years and costs $10,061 in interest. You’d pay back about three times what you owed.

THE EASIEST FIX: FREEZE THE PAYMENT

Keep paying $150 every month, even after your statement says you can pay less. Same card, same rate, nothing new to budget. It’s paid off in 4 years and 10 months, and the interest drops to $3,622. That’s $6,439 you keep.

HOW TO USE THIS CALCULATOR

1. Enter the balance, APR and minimum payment from your latest statement.
2. See how long minimums take and what they cost.
3. Try a monthly payment you can actually stick to and compare.

GOT MORE THAN ONE CARD?

With several cards, the order you pay them matters. The credit card payoff calculator shows which card to pay first and the month each one hits zero.

FAQ

How is a credit card minimum payment calculated?

Most issuers charge the higher of a small flat amount, often $25 to $35, or a percentage of your balance, often 1% plus that month’s interest and fees. Your statement shows this month’s amount. This calculator keeps that same share of your balance each month, down to a $25 floor.

Why does my statement show how long minimums will take?

Federal law requires card issuers to print a minimum payment warning on your statement: how long payoff takes on minimums and what you’d pay each month to clear it in three years.

What if my minimum barely covers the interest?

Then the balance barely moves. If this calculator says the card never pays off, the payment isn’t covering the interest. Every dollar above the interest goes to the balance.

Does paying more than the minimum hurt my credit?

No. Paying more lowers your balance, which lowers how much of your limit you’re using. That usually helps your score.

Is my information saved or shared?

No. Everything runs in your browser. We never see, store or sell your numbers.