Credit Card Minimum Payment Calculator

Find how long paying only the minimum takes, what it costs in interest, and how a fixed payment compares.

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How Your Card Figures the Minimum
Check the back of your statement.
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Most cards have a floor, often $25 to $40.
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Fractions and decimals both work.
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Paying Minimums Only
First minimum payment
Total interest
Total paid
Fixed payment instead
Payment to finish in 36 months
Interest Saved with Fixed

Cards

Items you add are saved in this browser.

CardBalanceAPRMinimum-Only TimeInterestRemove

What Paying Only the Minimum Costs

Credit card minimum payments shrink as the balance shrinks, so paying only the minimum can stretch a balance out for many years. Most U.S. issuers use one of two formulas:

1% of the balance plus that month's interest (and any fees)
A flat 2% to 3% of the balance

Either way there's usually a dollar floor, and when the balance drops below it you pay the balance off. The CARD Act of 2009 requires statements to show how long paying only the minimum will take and what a 36-month payoff would cost.

Worked Example

Tips

Holding your payment steady at today's minimum, instead of letting it fall, shortens payoff dramatically. Setting a fixed autopay amount above the minimum is an easy way to do that.