Credit card minimum payment calculator
The minimum shrinks as the balance shrinks, which stretches the payoff. This tracks it month by month using your bank method.
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How to use it
- Enter card balance, annual interest rate (apr), how the minimum is set, percent and minimum payment floor.
- The result appears straight away and updates as you edit.
- Copy the result, or copy a link that keeps the same values to share it.
How it is calculated
Each month: interest = balance × APR ÷ 12. Minimum = the larger of (percent × balance with interest) and the fixed floor, or in the second method: interest + percent × balance.
Example
Inputs: Card balance = 3,000, Annual interest rate (APR) = 22 %, How the minimum is set = Percent of the statement balance, Percent = 3 %, Minimum payment floor = 25. Result: Time to pay off at the minimum: 157 months; Total interest: 3,716.92; Total paid: 6,716.92.
Limits and caveats
- Assumes no new purchases and no late fees.
- Bank formulas vary in detail; check your card terms for the exact percent and floor.
Questions about this tool
Why does paying the minimum take so long?
The minimum is a percent of a shrinking balance, so the payment keeps falling and much of it goes to interest.
What are the two methods in the list?
Some banks ask for a percent of the full statement balance; others ask for all the interest plus a small percent such as 1%.
What does the floor do?
Once the balance is small, the payment becomes this fixed amount, which is what finally clears the debt.