Credit Card Minimum Payment Calculator
Calculate how long it will take to pay off your credit card balance and the total interest you'll pay if you only make minimum payments.
Calculator
Results
Time to Pay Off
7 years 10 months
Total Interest Paid
$4311.18
Total Amount Paid
$9311.18
Principal: $5000Interest: $4311.18
How It Works
The Credit Card Minimum Payment Calculator uses a complex algorithm to determine how long it will take to pay off your credit card balance if you only make the minimum payment each month. Here's how it works:
- Calculate the monthly interest: (Balance * Annual Interest Rate) / 12
- Calculate the minimum payment:
- If percentage-based: Max(Minimum Payment Percentage * Original Balance, $25)
- If fixed amount: The specified fixed amount
- Subtract the payment from the balance and add the monthly interest
- Repeat this process month by month until the balance reaches zero
The calculator also tracks the total interest paid over time. It's important to note that making only the minimum payment can result in paying significantly more in interest and taking much longer to pay off the balance.
How to Use
- Enter your current credit card balance in the "Current Balance" field.
- Input the annual interest rate for your credit card.
- Choose the minimum payment type by clicking either the "Percentage" or "Fixed Amount" button.
- If you selected "Percentage", enter the minimum payment percentage. If you chose "Fixed Amount", enter the fixed dollar amount for your minimum payment.
- The calculator will automatically update, showing you how long it will take to pay off the balance, the total interest you'll pay, and the total amount you'll pay over time.
- Use the graph to visualize how your balance changes over time with minimum payments.