Credit Card Minimum Payment Calculator
A minimum payment is the smallest amount a card asks for each month. Paying only that keeps the account in good standing, but it can take many years and cost a great deal of interest. This page shows that schedule.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
Here the minimum is a set percent of the balance, plus that month's interest, and never less than a floor. Each month the interest is added and the payment comes off. The table shows the balance and the total interest month by month until the balance reaches zero.
Issuers set their own minimum formula, so enter the percent and floor from your own statement. The first minimum is the figure for the first month.
Worked example
On a balance of $4,000.00 at 22% APR, the first minimum payment is $113.33. The schedule below shows how long paying only the minimum takes, and the interest that adds up along the way.
Questions
Why does the minimum keep dropping?
It is based on the balance, so as the balance falls the minimum falls too. That is why the payoff takes so long.
How do I read the table?
The Interest so far column adds up the interest each month. The row where the balance reaches zero shows the total interest paid up to that point.
Where do I find the formula?
Your card statement or cardholder agreement lists how the minimum is set. Use those figures here.
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