Can paying only the minimum take a long time?

Depending on the balance, APR and payment formula, a declining minimum payment can extend repayment substantially. The calculator estimates the modeled payoff time and interest.

Does this calculator reproduce my card issuer's exact formula?

No. Issuer formulas and account terms differ. Use your card agreement or statement for the actual required minimum payment.

Debt & Payoff

Credit Card Minimum Payment Calculator

Q: How is a credit card minimum payment calculated?

Minimum-payment formulas vary by card issuer. This calculator lets you model either a percentage of balance or monthly interest plus a percentage of principal, with an adjustable dollar floor.

Q: Does the minimum payment stay the same every month?

In this calculator the modeled minimum payment is recalculated each month as the balance changes, subject to the selected formula and dollar floor.

Model a recalculated credit card minimum payment, see how long the balance could take to repay, and compare the modeled schedule with a fixed monthly payment.

Step 1

Card details

Enter the current balance and APR.

Current balance

APR

Step 2

Minimum-payment rule

Issuers use different formulas. Choose a model and adjust the assumptions to match the rule you want to estimate.

Calculation methodPercentage of balance

Minimum dollar floor

Each month: minimum payment = the greater of the entered percentage of the current balance or the dollar floor, capped at the amount due.

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Optional comparison

Compare a fixed payment

Add a fixed monthly payment to compare its modeled payoff time and cost with the recalculated minimum-payment schedule.

Fixed monthly payment(optional)

How this calculator works

Interest is modeled monthly using APR divided by 12. After monthly interest is added, the selected minimum-payment rule is recalculated from the current balance.

Percentage-of-balance uses the greater of the selected percentage or dollar floor. Interest-plus combines that month's interest with the selected percentage of principal, then applies the floor.

The final payment is capped at the remaining amount. Actual issuer formulas, fees, rounding and minimum requirements can differ.

Next action

Turn the estimate into a payoff plan

Continue with the workflow that matches what you want to test next.

Plan a fixed paymentCredit Card Payoff Calculator →Compare consolidationDebt Consolidation Calculator →Prioritize high APR debtDebt Avalanche Calculator →Set a payoff deadlineDebt-Free By Date Calculator →

Frequently asked questions

How is a credit card minimum payment calculated?

There is no single universal formula. This tool lets you model two common formula structures and set the percentage and dollar floor yourself.

Does the minimum stay the same?

Not in this model. It is recalculated each month as the balance changes, subject to the selected formula and dollar floor.

Why can minimum-only repayment take so long?

When the minimum is based partly on the outstanding balance, the required payment can decline as the balance falls. That can reduce how much principal is paid in later months.

Is this my issuer's exact required payment?

No. Check your statement and card agreement for the actual required minimum and account-specific terms.

Educational estimate only. Credit card issuers use different minimum-payment formulas, fees and rounding rules. This calculator does not reproduce any particular issuer's terms and is not financial, lending, legal or tax advice.