Credit Card Minimum Payment Calculator
See this month’s credit card minimum payment — as a percentage of the balance or interest plus a percentage — and how long and how costly paying only the minimum is, versus a fixed payment or the 36-month payoff amount, with a payoff date, schedule and balance chart.
How it works
Minimum = max(floor, balance × min%) or, for interest-plus cards, max(floor, interest + fees + balance × min%), never more than the balance · next balance = balance × (1 + APR ÷ 12) − payment + new purchases · the n-month payment is the fixed amount that brings the balance to zero in n months
Card issuers set the minimum in one of two ways. Some charge a flat percentage of the statement balance, often 2–3%, with a dollar floor such as $25. Many large US issuers charge that month’s interest and fees plus 1% of the balance. Either way the minimum is recalculated every month on a smaller balance, so the payment keeps shrinking and most of it goes to interest. The calculator repeats the statement cycle month by month — a month of interest on the balance, the annual fee when it falls due, your payment, then any new purchases — until the balance is gone. It then compares three strategies: paying only the minimum, freezing the payment at today’s minimum (or any fixed amount you choose), and the payment that clears the card in 36 months, the figure US statements must show under the CARD Act. Choose daily compounding to match cards that charge APR ÷ 365 each day.
Worked example
A $5,000 balance at 22% APR with a 2% minimum and $25 floor: this month’s minimum is $100, of which about $92 is interest. Paying only the falling minimum takes about 80 years and costs about $43,400 in interest. Keep paying $100 a month and it is gone in 11 years 5 months for about $8,700 of interest. To be debt-free in 36 months you need about $191 a month, costing about $1,870 in interest.
Sources: CFPB — Regulation Z §1026.7(b)(12), minimum payment disclosures · CFPB — How card interest is charged (daily periodic rate)
Frequently asked questions
Why do minimum payments take so long?
The minimum is mostly a percentage of the balance, so as the balance shrinks the payment shrinks too. At high APRs most of each payment goes to interest, leaving little to reduce the balance. On a 2% card at 22% APR, over 90% of the first minimum is interest, and paying only the minimum on $5,000 takes about 80 years.
How is the minimum payment calculated?
It depends on the card agreement. A common formula is the greater of a dollar floor ($25–$40) or 1–3% of the balance. Many large issuers instead charge the interest and fees for the month plus 1% of the balance. Pick the method that matches your statement; the calculator handles both and never asks for more than the balance.
What is the 36-month payment on my statement?
US card statements must show how long paying only the minimum would take, the total cost, and the monthly payment that would clear the balance in 36 months with the savings. Change the debt-free goal to see the payment for any number of months.
What if I keep using the card?
Enter your typical monthly spending under More options. New purchases are added to each statement, so the minimum stays higher and payoff takes longer. If your payment does not cover interest plus new spending, the balance never clears.
What should I pay instead?
As much as you can, and at least a fixed dollar amount that does not fall with the balance. Even holding the payment steady at today’s minimum saves years and thousands in interest. If you have several cards, the debt avalanche (highest APR first) saves the most.
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This is an educational estimate, not financial or tax advice. Confirm figures with a professional.