Credit Card Minimum Payment Calculator

See the Real Cost of Paying Only the Minimum

Minimum payment formulas vary by issuer — check your cardholder agreement for the exact terms. This uses the widely-used "percent of balance plus that month's interest, with a dollar floor" method. The key trap: because the minimum is recalculated from your balance every month, it keeps shrinking as your balance does, which is exactly what stretches payoff out for years.
Card Details
$
Typically ~1% when interest is added separately.
$
Escape the Trap
$
Try setting this close to your first month's minimum — paying that same amount every month instead of letting it shrink is the simplest fix.
About
How Minimums Are Calculated
Contact

About This Calculator

Credit card minimum payments are designed to keep an account in good standing, not to pay off the balance in any reasonable time. Because the minimum is usually recalculated from your current balance every month, it shrinks right alongside the balance — which sounds harmless but actually stretches a payoff that could take a few years into one that can take well over a decade, while interest quietly outpaces the shrinking principal payments. This tool simulates that month by month, shows you the real time and interest cost, and compares it against what happens if you simply pick a fixed amount and pay that same amount every month instead of letting it shrink. Everything is calculated locally in your browser.