Minimum payment calculator
See how long a credit card takes to clear if you only pay the minimum, and how much interest that costs.
Estimate · guidance, not advice
- It assumes no new spending, no fees and the same rate throughout.
More than one card or loan?
The Debt Payoff App puts every card and loan in order, gives you a debt-free date and shows what paying a little more saves.
Debt Payoff App · sold on Etsy
How minimum payments work
Most card issuers set the minimum as 1% of the balance plus that month's interest, or a flat amount such as $35, whichever is more. Your statement shows the rule, and how long paying only the minimum would take.
Why it takes so long
The minimum falls as the balance falls, so each payment clears less than the one before. A fixed amount keeps clearing the same.
If you can't pay the minimum
Call the card issuer before the due date and ask about a hardship plan.
Free help with debt: the National Foundation for Credit Counseling and the Consumer Financial Protection Bureau.
A worked example
$5,000 on a card at 24% APR, where the minimum is 1% of the balance plus the month's interest and at least $35. Paying only the minimum takes 16 years and 4 months, with $7,560.10 in interest; the first payment is $140.44. Paying a fixed $200 a month instead clears it in 2 years and 10 months, with $1,715.01 in interest: $5,845.09 less, and 13 years and 6 months sooner.
Questions
How is interest worked out?
Each month, at the monthly rate that adds up to the APR over a year: 24% APR is about 1.81% a month.
Updated