Estimate your credit card minimum payment, payoff time, and interest cost. Compare minimums with extra payments and see how fast debt can shrink.
Estimates use your card's minimum-payment formula and assume a fixed APR and no new purchases. Your issuer's real minimum and its daily-compounded interest may differ slightly. This is educational information, not financial advice.
You might also find these calculators useful
Paying only the minimum on a credit card is the slowest, most expensive way out of debt — issuers set the minimum low on purpose so the balance (and their interest) lingers for years. This calculator shows your estimated minimum payment, how long the minimum-only path really takes, and the total interest it costs. Then it shows how adding even a small extra amount each month collapses that timeline and saves you money.
A credit card minimum payment is usually the greater of a flat floor (often $25–$35) or a small percentage of your balance (typically 1–3%) plus the current month’s interest and any fees. Because that percentage shrinks as your balance drops, the minimum gets smaller every month and a larger share of it goes to interest — which is why a minimum-only payoff can stretch past 20 years on a mid-size balance. Paying a fixed amount above the minimum keeps every extra dollar working on principal, so the balance falls faster and the interest clock stops sooner.
Formula
Estimate the minimum due so you can plan around your cash flow before the statement arrives.
Compare minimum-only payments against extra payments to see how quickly your balance can fall.
See how much interest you would pay if you keep making only the minimum payment.
Understand the amount likely required on the statement so you can budget around the actual payment, not just the card balance.
Compare the minimum-only payoff path to a faster repayment plan and see how much interest the minimum can add over time.
Even a modest extra payment can save months of payoff time and cut the total interest you pay.
When balances are small, the floor payment can matter more than the percentage formula. This calculator shows the difference clearly.
Most issuers charge the greater of a flat floor (commonly $25–$35) or a percentage of your balance (often 1–3%) plus that month’s interest and any fees. Enter your card’s percentage and floor above to match your statement.
The minimum is a percentage of the balance, so it shrinks as the balance drops, and most of it goes to interest. A $5,000 balance at 20% APR paying only the minimum can take 20+ years and cost more in interest than you borrowed.
You stay current and avoid late fees, but the balance barely moves, interest keeps compounding, and your credit utilization stays high. It is the most expensive way to carry a balance.
Paying at least the minimum on time protects your payment history, the biggest scoring factor. But carrying a high balance keeps your credit utilization elevated, which can lower your score. Paying more than the minimum helps on both fronts.
A lot. Because extra payments go entirely to principal, even $50–$100 more per month can cut years off the payoff and save thousands in interest. Enter an extra amount above to see your exact savings.
Paying the full statement balance every month avoids interest entirely and is always best if you can. The minimum is a floor to stay current — treat it as the least you should pay, not a target.
Pay the minimum on every card to stay current, then put all extra money toward one card — the highest APR (avalanche) to save the most, or the smallest balance (snowball) for momentum. Focusing beats spreading extra thin.