Credit Card Minimum Payment Calculator
Find out what paying only the minimum on your credit card really costs. Enter your balance, APR, and your card’s minimum-payment rule, and the calculator shows how many years it would take and how much interest you’d pay.
Because the minimum shrinks as your balance falls, it can take decades to pay off even a modest balance. Compare that with keeping your payment fixed, or with the payment that clears the card in three years — the figure your statement is required to show.
Calculator
Your statement’s “Minimum Payment Warning” box shows your card’s rule. Leave the fixed payment at $0 to compare with always paying this month’s minimum amount.
Paying only the minimum takes
19y 6m
and costs $8,887 in interest
- First minimum payment
- $150
- Paying $150 every month
- 4y 8m
- Interest at that payment
- $3,322
- Payment to be debt-free in 3 years
- $196
- Interest in 3 years
- $2,062
Keeping your payment at $150 instead of letting it shrink saves $5,565 and 14y 10m.
Balance when paying only the minimum
Assumes no new purchases, fees, or rate changes. Minimum payments shrink as the balance falls, which is why they take so long. Card issuers’ exact formulas vary; check your cardholder agreement.
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Calculation Formulas
Charged on the carried balance each month.
The payment falls as the balance falls, which stretches the payoff.
The fixed payment that clears the balance in 36 months; r = APR ÷ 12.
Key Figures
| Figure | Value | Description |
|---|---|---|
| Common minimum rules | 1% + interest; 2%; 3% | With a dollar floor, often $25–$40. |
Note: Results are estimates for planning purposes. Rates, fees, taxes, and insurance vary by lender and location — confirm exact figures with a licensed professional before making financial decisions.
Standards & Sources
Last verified: October 2026
- Credit CARD Act of 2009
Requires statements to include a minimum payment warning with payoff time and the 36-month payment.
- Assumptions
No new purchases, fees, or rate changes during payoff.
How to Use This Calculator
- Enter your card balance and APR.
- Choose your card’s minimum payment rule and the dollar floor.
- Optionally enter a fixed monthly payment to compare.
- Read the payoff time and interest for minimum payments, a fixed payment, and a 3-year payoff.
Frequently Asked Questions
How long does it take to pay off a credit card with minimum payments?
Often a decade or more. A $5,000 balance at 24% APR with a minimum of 1% of the balance plus interest takes about 19½ years and costs about $8,887 in interest. A $3,000 balance at 22% takes about 15 years and $4,433 in interest.
How is the credit card minimum payment calculated?
Most large issuers use 1% of the balance plus that month’s interest and fees, with a floor of about $25 to $40. Others use a flat 2% or 3% of the balance. Your cardholder agreement lists the exact formula.
How much do I save by paying more than the minimum?
A lot. Keeping your payment at the first month’s minimum instead of letting it shrink cuts a $3,000, 22% balance from about 15 years to under 5 years and saves over $2,500 in interest.
What is the 3-year payment on my statement?
The Credit CARD Act requires card statements to show how long minimum payments take and the monthly payment that would pay off the balance in 36 months, along with the total cost each way.
Guides to go with this calculator
How to Calculate Debt-to-Income Ratio (DTI)
Lenders use your debt-to-income ratio to decide how much you can borrow. Here’s exactly what goes into it, how to calculate it in two minutes, and the limits for conventional, FHA, and VA loans.
Debt Snowball vs. Avalanche: Which Is Faster?
Both methods use the same money and the same discipline — they just differ on which debt you attack first. One saves the most interest; the other keeps you motivated. Here’s how to choose.
How to Pay Off Credit Card Debt Fast
Americans carry $1.25 trillion in credit card debt at over 20% interest — and paying the minimum keeps you there for years. Here’s a concrete plan to get out faster.
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