Does this assume new purchases?

No. This is a static balance model; no new charges or fees.

Issuer minimum formulas differ?

Adjust percent/floor to match your statement’s minimum formula.

Daily balance methods?

Not modeled; monthly simplification is used for clarity.

Can I model extra payments?

This tool focuses on minimums only. Use a payoff calculator for extra payments.

Balance transfer offers?

Not included; this shows the cost of staying with current APR/minimums.

finance calculator

Credit Card Minimum Payment Calculator

See how long it takes to pay off a credit card making only minimum payments, plus total interest and first-month payment.

Results

First minimum payment: $60
Months to pay off: 270.00
Total paid: $11,272
Total interest: $8,272

How to use this calculator

Enter your balance and APR.
Enter the minimum payment percent and minimum dollar floor.
See the first minimum payment, months to pay off, total paid, and total interest if you only pay minimums.

Inputs explained

Current balance: Your current statement balance.
APR (%): Annual percentage rate on the card.
Minimum %: Percent of balance for minimum payment (e.g., 2%).
Minimum floor: Minimum dollar amount if percent payment is too low.

How it works

Each month: min payment = max(percent × balance, floor). Interest accrues monthly at APR/12. Balance updates by adding interest and subtracting payment until paid off.

Formula

Monthly rate = APR/12
Min pay = max(Balance × Min%, Floor)
Interest = Balance × Monthly rate
Balance_{n+1} = Balance_n + Interest − Payment

When to use it

Understanding how long debt lingers with minimum payments.
Estimating total interest cost of sticking to minimums.
Deciding how much extra to pay to accelerate payoff.

Tips & cautions

Paying only minimums can take years; add extra payments to cut interest dramatically.
If your issuer uses a different minimum formula, adjust percent/floor to match your statement.
Consider zero-interest promos for transfers/payoffs if available and cost-effective.
Assumes no new purchases or fees; real balances can grow if you keep spending.
Uses a simple percent/floor rule; some issuers include interest/fees differently.
No compounding quirks or daily balance methods—monthly simplification.

Worked examples

$3,000 balance, 19.99% APR, 2% min, $35 floor

First min ≈ $60
Payoff ≈ 82 months
Total paid ≈ $4,870
Total interest ≈ $1,870

$5,000 balance, 24.99% APR, 2% min, $35 floor

First min ≈ $100
Payoff ≈ 138 months
Total paid ≈ $9,800
Total interest ≈ $4,800

Deep dive

This credit card minimum payment calculator shows how long it takes to pay off a balance making only minimums, plus total interest and the first minimum payment.

Use it to see the cost of minimum payments and motivate higher payments or balance transfer strategies.

FAQs

Does this assume new purchases?: No. This is a static balance model; no new charges or fees.
Issuer minimum formulas differ?: Adjust percent/floor to match your statement’s minimum formula.
Daily balance methods?: Not modeled; monthly simplification is used for clarity.
Can I model extra payments?: This tool focuses on minimums only. Use a payoff calculator for extra payments.
Balance transfer offers?: Not included; this shows the cost of staying with current APR/minimums.

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Estimates only. Issuer rules, fees, and new charges change payoff time. Use your statement details for exact results.