Minimum Payment Credit Card Calculator
Minimum payments are designed to keep you in debt as long as possible. Enter your balance and your card’s minimum-payment rule to see the shocking true cost — in months and in interest.
Estimates only — not financial advice. This calculator gives approximate figures for planning. It is not financial, tax, or legal advice; check with a qualified professional before making decisions.
How the minimum payment credit card calculator works
Most cards set the minimum as a percentage of the balance (often 1–2%) with a dollar floor (often $25). This calculator applies that rule month after month: interest accrues, then you pay the greater of the percentage amount or the floor. As the balance shrinks, so does the percentage-based payment — which is exactly why the tail of minimum-only repayment drags on for years.
The simulation stops when the balance hits zero or after 100 years (a sign the minimums barely cover interest). Compare the result with the payoff calculator above to see what paying even a fixed $50 more per month would do.
paymentₘ = max(Bₘ × pct%, floor) · balance shrinks → payment shrinks → payoff stretches
Related tools
Keep exploring: Credit Card Payoff Calculator · Credit Card Payment Calculator · Debt Avalanche Calculator · EMI Calculator.
Minimum payment credit card calculator FAQ
How is a credit card minimum payment calculated?
Typically the greater of a small percentage of the statement balance (commonly 1–2%) or a flat floor like $25. Check your cardholder agreement — the exact rule varies by issuer.
Why does paying the minimum take decades?
Because the payment shrinks as the balance shrinks. Early on, most of your minimum covers interest; later, tiny payments chip slowly at the principal. The declining payment is what stretches repayment over 20+ years.
What is the dollar floor for?
When the percentage of a small balance drops below the floor (say 2% of $500 = $10), the card charges the floor ($25) instead, so small balances still get paid down.
How much interest will I pay on minimums alone?
Often more than the original balance. A $5,000 balance at 20% APR on 2% minimums can cost $7,000+ in interest — run your own numbers above.
What is the fastest escape from minimum payments?
Switch to a fixed payment you can afford — even $25–$50 above the minimum collapses the timeline. Use the credit card payoff calculator to find a payment that fits your budget.