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Credit Card Calculators

Minimum Payment Calculator

See exactly how long it takes to pay off a credit card making only the minimum payment — and how much faster a fixed payment gets you out.

Minimum is modeled as the greater of a percent of the balance or a small dollar floor — the formula most US issuers use.

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Minimum-only payoff
89 yr 10 mo
First payment $120. Total interest $54,419 — often more than the original balance.
Min payoff time
89 yr 10 mo
Min total interest
$54,419
Fixed payoff time
3 yr 8 mo
Fixed total interest
$2,791
By paying $200 instead of the minimum:

You save about $51,629 in interest and finish 86 yr 2 mo sooner.

Overview

How the Minimum Payment Calculator Works

Credit card minimums are designed to keep you in debt as long as legally allowed. This calculator simulates exactly that — month by month, applying the issuer's minimum formula — and compares it to what happens if you commit to a fixed monthly payment instead.

Formula

The Math Behind the Calculator

Each month: interest = balance × (APR ÷ 12 ÷ 100); minimum payment = max(floor, percent × balance); principal = payment − interest; balance −= principal. Loop until balance reaches zero. Fixed-payment simulation uses the same loop but with a constant payment.

Example

A Worked Example

$6,000 balance at 22% APR with a 2%/$25 minimum: first payment ≈ $120, payoff takes ~24 years, total interest ≈ $9,400. Paying a fixed $200 each month instead: payoff in 41 months, total interest ≈ $2,160 — over $7,000 saved.

How to use

How to Use the Minimum Payment Calculator

  1. 1Enter the current balance and APR shown on your statement.
  2. 2Leave the standard 2% / $25 minimum formula in place unless your issuer uses different rules.
  3. 3Optionally enter a fixed payment you could commit to — the calculator shows the time and interest saved.
  4. 4Use the result to set up an autopay above the minimum, not at it.
Interpretation

What the Results Mean

  • Minimum-only payoff time is the worst case — most cards take 15–30+ years at the minimum.
  • Total interest at the minimum is often more than the original balance.
  • A fixed payment doesn't have to be huge to cut years off — even $50–$100 above the minimum is dramatic.
Avoid

Common Mistakes to Avoid

  • Treating the minimum as the 'correct' payment — it's the maximum-profit payment for the issuer.
  • Continuing to add new charges while paying the minimum, which resets progress every cycle.
  • Ignoring a balance-transfer offer that could cut the rate to 0% during a payoff push.
Keep going

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Compare paying off multiple debts individually against rolling them into a single consolidation loan — monthly payment, total interest, and projected savings.

FAQ

Frequently Asked Questions

Why is my minimum so low?+

Issuers compute minimum as a small percent of the balance plus interest, with a low floor. It barely beats the interest accruing, which is why payoff takes decades.

Does paying just over the minimum help?+

Yes, dramatically. Most of every dollar above the minimum goes straight to principal once the interest is covered.

What if my minimum is a fixed dollar amount?+

Many subprime cards use a flat minimum. The math is the same — set the percent to zero and use the floor field for your card's minimum.

Financial Disclaimer

This calculator is for educational and estimation purposes only. It does not provide financial, mortgage, tax, investment, or legal advice. Actual rates, payments, taxes, fees, insurance costs, eligibility, and loan terms vary by lender, location, credit profile, and market conditions. Always compare official offers and consult a qualified professional before making financial decisions.

Last updated June 2026 · Prepared by the mCalculator Editorial Team