Credit Card Minimum Payment Calculator
Estimate how long it can take to pay off a credit card when you follow a minimum-payment formula. You can also add an extra monthly payment and see the impact immediately.
Methodology: deterministic formulas based on your inputs only. No account data, no external rates, and no personalized advice.
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Results
Compare Scenarios
Save your current inputs and compare Current + up to 2 saved scenarios.
Note: Saved scenarios are stored locally in your browser.
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| Compare | Scenario | Saved | Actions |
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Compare
Select up to 2 saved scenarios to compare with Current.
Chart
Solid: balance · Dashed: interest paid
Tip: Large numbers may be abbreviated (for example 2.5M).
Payment schedule
| Month | Minimum | Extra | Total payment | Interest | Principal | Balance |
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How it works
Each month, interest is applied using APR / 12. Then the required minimum payment is calculated from your selected formula and floor amount. If you set an extra payment, it is added on top of the minimum.
Important: Issuer formulas and statement timing can differ. This is an estimate, not an exact billing statement.
Why minimum-payment debt can last so long
Minimum formulas often decline as your balance declines. That means payment amounts can shrink over time, keeping principal payoff slow for many billing cycles.
With high APR, a large share of each payment goes to interest early on. As a result, balances can take much longer to clear than most borrowers expect.
Inputs that drive the result
The strongest drivers are APR, minimum formula selection, minimum floor, and any extra monthly payment. Changing the formula can materially affect both first-month minimum and total payoff time.
Adding a consistent extra payment is usually the most direct way to reduce lifetime interest and shorten repayment duration.
How to use these results in practice
Compare at least three scenarios: minimum only, minimum plus a modest extra, and a faster target payoff amount. Focus on both months to payoff and total interest paid.
This helps you quantify the cost of slow repayment and choose a payment plan that balances affordability with faster debt reduction.
FAQ
Is this exact for every credit card issuer?
No. Issuers can use different minimum formulas, fee handling, and rounding rules. This calculator gives a practical estimate using common approaches.
Why can minimum-payment payoff take so long?
As your balance drops, the minimum payment can also drop, which often keeps principal reduction slow for many months.
Does currency selection convert amounts?
No. Currency only changes formatting (symbols and separators).