Enter your card balance, APR and your issuer's minimum payment rule (a percentage of the balance plus interest, or a flat percentage) with its dollar floor. See how many months it takes to clear the card paying only the minimum, the total interest, a full month-by-month schedule, and how much a fixed payment would save.
Last updated:
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Minimum payment rule
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Leave empty to compare with keeping the first minimum payment.
Enter your values to see the result.
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How to use the Credit Card Minimum Payment Calculator
Enter your balance and APR from your statement.
Choose your issuer's minimum payment rule and its percentage (often 1% plus interest).
Enter the flat minimum (the dollar floor, often $25–$40).
Read the payoff time and total interest if you only pay the minimum.
Enter a fixed payment to see how much time and interest it saves, and review the schedule.
Minimum payment formula
Each month the card charges interest of balance × APR ÷ 12. The minimum payment is then usually one of:
Percentage + interest: minimum = balance × 1% + interest (+ fees), but at least the floor.
Flat percentage: minimum = balance × 2% (or 3%), but at least the floor.
If the balance is below the floor, the whole balance is due. Because the payment is tied to a shrinking balance, it keeps falling, which is why minimum-only payoff takes so long.
Paying only the minimum at 22.99% APR
Payoff time and interest for two common rules, each with a $25 floor, assuming no new charges.
Balance
1% + interest: time
1% + interest: interest
3% of balance: time
3% of balance: interest
$1,000.00
72 mo (6.0 yrs)
$825.63
70 mo (5.8 yrs)
$786.09
$2,500.00
163 mo (13.6 yrs)
$3,699.35
150 mo (12.5 yrs)
$3,303.29
$5,000.00
232 mo (19.3 yrs)
$8,488.94
210 mo (17.5 yrs)
$7,498.65
$10,000.00
301 mo (25.1 yrs)
$18,068.11
270 mo (22.5 yrs)
$15,889.33
Frequently asked questions
How is a credit card minimum payment calculated?
Most US issuers use either 1% of the balance plus that month's interest (and fees), or a flat 2%–3% of the balance, with a dollar floor such as $25 or $35. If the balance is below the floor, you pay the whole balance. Check your card agreement for the exact rule.
Why does paying the minimum take so long?
Because the minimum is a percentage of the balance, it shrinks as you pay. Most of each payment goes to interest and only a small part to principal, so the balance falls slowly and the payoff can take many years.
How much do I save by paying a fixed amount?
Keeping your payment at the first minimum amount instead of letting it shrink usually cuts the payoff time and interest dramatically. The calculator compares both automatically; enter any fixed amount to test it.
Is the interest calculated daily or monthly?
Card issuers usually compound daily using the average daily balance. This calculator uses APR ÷ 12 each month, which is very close for a balance with no new purchases.
Does this include new purchases or fees?
No. It assumes you stop using the card and no late fees or annual fees are added. New charges would make the payoff take longer.
What does the minimum payment warning on my statement mean?
In the US, card statements must show how long it would take to pay off the balance with minimum payments only and the total cost, plus the payment needed to pay it off in 3 years. This calculator lets you see the same kind of estimate for any rule.
Is my information uploaded?
No. All calculations run in your browser.
Are all the tools on FreeToolCabin tested for quality and accuracy?
Yes! Every tool on our site undergoes automated Q/A testing in real browser environments to ensure high precision, correct output, and zero errors. If you happen to spot a bug or have a suggestion, please contact us at [email protected] and our team will review it right away.