Credit Card Minimum Payment Calculator
See how long it takes to pay off a credit card making only the minimum payment, plus the total interest it costs. Free and accurate.
- Months to payoff
- 817
- Total interest
- 35957.75
How to use
- Enter your current credit card balance.
- Enter the card APR and the minimum payment percent (the greater of this percent or $25 is paid each month).
- Read the months to payoff and total interest paid.
Examples
- $5,000 at 22% APR, 2% minimum:
817 months, $35,957.75 interest - Minimum payment trap:
Paying only the minimum stretches payoff for decades
FAQ
- How is the minimum payment calculated?
- Each month the minimum due is the greater of the minimum percent of the balance or a $25 floor. Interest (APR ÷ 12 ÷ 100) is added first, then the minimum is subtracted, and this repeats until the balance reaches zero.
- Why do minimum payments cost so much?
- Warning: making only the minimum payment can cost enormous interest — often more than the original balance — and take decades to clear, because the payment shrinks as the balance shrinks, leaving more interest to accrue. Paying a fixed amount above the minimum dramatically cuts both the time and the interest.
- What is the $25 floor?
- Once the percent-based minimum falls below $25, the calculator assumes a flat $25 minimum (a common issuer policy) so the balance still finishes being paid off rather than dragging on indefinitely.