Credit-Card Minimum Payment Calculator
Paying only the minimum is a trap. Enter your balance and rate to see how many years the minimum takes — then compare a fixed monthly payment.
Example: with Card balance $5,000 · APR 22% · Minimum payment 2 % of balance · Minimum payment floor $25 → Time paying only the minimum: 68 yr 1 mo.
- Interest paid (minimum only)$35,958
- Total paid (minimum only)$40,958
- Time paying the fixed amount2 yr 10 mo
Computed by the calculator below using its default values. Change any input to see your own numbers.
Minimum-payment payoff schedule
Compare low-interest and balance-transfer cards
Learn moreWhy the minimum is a trap
The minimum payment shrinks as your balance falls, so it stretches repayment over years and piles on interest. A fixed payment — even a modest one — pays the card off far faster because more of every dollar hits principal.
How it’s calculated & sources
We simulate monthly: interest accrues at APR÷12, then the minimum — the greater of your flat-dollar floor or your percentage of the current balance — is applied. This mirrors how real issuers set minimums (commonly “the greater of $25–$35 or 1–3% of the balance”), which is why the minimum shrinks every month as the balance falls. The fixed-payment scenario applies the same dollar amount each month until the balance reaches zero, for comparison. If the computed minimum ever falls to or below that month’s interest charge, the balance can no longer shrink — we flag this explicitly as a warning rather than showing a payoff time.
The year-by-year schedule table follows the shrinking-minimum path only (since that’s this calculator’s focus), showing the amount paid, interest, and remaining balance for each year until payoff or 60 years, whichever comes first. Want to instead work from a fixed payment amount, or from a target payoff date? The credit card payoff calculator covers both of those modes.
Benchmark: the difference between the shrinking minimum and a fixed payment. The CARD Act requires minimums to at least cover interest; most issuers use ~1–3% of the balance.
Results update as you type and are general estimates, not personalized financial, tax, medical or legal advice. Verify with a professional.
Frequently asked questions
Does paying the minimum hurt my credit?
Paying on time helps, but carrying a high balance raises your utilization, which can lower your score. Paying more reduces both interest and utilization.
What if my minimum is a flat dollar amount?
Set the percentage so it matches, or use the fixed-amount field to model a flat payment directly.
What does the minimum payment floor do?
Card issuers typically charge whichever is greater: a flat dollar floor (often $25–$35) or a percentage of your balance. On a low balance, the floor is usually what you actually pay; on a high balance, the percentage takes over. Adjust either field to match your card’s statement.
What happens if the calculator says my balance will never be paid off?
That warning means your computed minimum payment is at or below that month’s interest charge, so the balance can no longer shrink — it will grow or stay flat forever. Raise the percentage, the floor, or switch to a larger fixed payment to fix this.
Where can I calculate a fixed payment or a target payoff date instead?
Use the credit card payoff calculator, which covers both a fixed monthly payment and a “pay it off by a certain date” mode that solves for the required payment.