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.
Calculator by Toolsloft ↗- Months to payoff
- 817
- Total interest
- $35,957.75
This calculator reveals how many months it takes to clear a credit card when you pay only the minimum, and the total interest that path costs. It exposes the minimum-payment trap, where a shrinking required payment can stretch payoff across decades.
How this is calculated
It simulates month by month, adding interest at APR divided by 12 to the balance, then subtracting the minimum due, which is the greater of the minimum percent of the balance or a 25 dollar floor, until the balance reaches zero.
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.