Credit Card Minimum Payment Calculator
Free credit card minimum payment calculator — see payoff time and total interest if you only pay the minimum vs a fixed higher payment.
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How it works
Enter balance and APR. We estimate the issuer-style minimum (interest + 1% of balance) and compare payoff time and interest vs paying a fixed amount.
About Credit Card Minimum Payment Calculator
Informational only — not professional advice. Report an error.
Your statement says minimum due: $95 on a $7,500 balance. That feels affordable — which is exactly the point. Credit card issuers set minimum payments low on purpose, often interest plus one percent of balance with a dollar floor, so borrowers stay in debt longer while interest compounds.
Enter balance, APR, and optional minimum rules. The calculator estimates your first minimum payment, total months to zero on the minimum-only path, total interest, and total paid. A comparison line uses a fixed higher payment so you can see interest saved and months gained by paying even a modest fixed amount instead.
The dynamic minimum model matters because as balance shrinks, minimum payment shrinks too, leaving less principal reduction each cycle while APR keeps working against you. That is why an $8,000 balance at 22% APR can linger for well over a decade on minimums alone even though the first payment feels affordable.
Use this when someone asks why their statement minimum barely moves the balance, when comparing balance-transfer offers against simply raising monthly pay, or when teaching the difference between issuer minimums and a deliberate debt-elimination payment. Pair with the Credit Card Payoff Calculator for a single fixed payment plan.
Autopay a fixed amount above minimum — not the statement minimum. Even $50 extra per month can cut years off high-APR balances. Compare minimum path versus fixed payment before accepting a transfer fee.
Cash-advance APR splits, penalty APR, annual fees, and new purchases are not modeled. Stop charging on the card while paying down or results will understate real cost. This is an educational estimate, not credit counseling.
Penalty APR after a missed payment can jump your rate overnight — if your issuer raised rates recently, rerun with the new APR because minimum-only timelines stretch dramatically when the rate steps up.
Quick tips
- Set autopay to a fixed dollar amount — $250 every month beats chasing a falling $95 minimum.
- Before paying a balance-transfer fee, compare how many months the fixed payment saves versus minimum-only.
- Even an extra $50 per month can cut years off a high-APR balance — run both paths and look at total interest.
- Several cards at once? The Debt Payoff Calculator shows which balance to attack first.
Formulas
minimum ≈ max(floor, monthly interest + minPercent × balance)monthlyInterest = balance × (APR / 12 / 100)
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