Credit Card Minimum Payment Calculator
Enter a balance, APR and your card’s minimum rule. Paying only the minimum on a $5,000 balance at 22 percent takes 230 months (19 yr 2 mo) and costs $8,099.77 in interest.
How the credit card minimum payment calculator works
Card issuers set a minimum payment, often 1 percent of the balance plus that month’s interest, with a dollar floor. Because the minimum shrinks as the balance falls, paying only the minimum can take many years. This calculator simulates that month by month. Check your statement for your issuer’s exact rule, since some add the interest and fees to a percent of principal.
The formulas
Example: A $5,000 balance at 22 percent with a minimum of 1 percent of the balance plus interest (floor $25) starts with a payment of $141.67. Paying only the minimum takes 230 months (19 yr 2 mo) and costs $8,099.77 in interest, for $13,099.77 in total.
Notes and limits
- Your card’s formula may differ. Use the minimum payment rule on your statement.
- No new purchases or fees are modeled.
- Paying a fixed amount above the minimum ends the debt much sooner. See the credit card interest calculator.
Figures are estimates for planning and are not financial advice. Check your own agreement or statement for exact terms.
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Frequently asked questions
How long does it take to pay off a card with minimum payments?
It depends on balance, APR and the minimum rule. The default case takes 230 months (19 yr 2 mo).
Why do minimum payments take so long?
The minimum falls as the balance falls, so you pay down very slowly while interest keeps accruing.
What does it cost in interest?
The default example costs $8,099.77 on a $5,000 balance.
How do I pay off faster?
Pay a fixed amount above the minimum each month.
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