CREDIT CARD DEBT TOOL
Minimum Payment Calculator
Estimate your minimum payment, payoff time, and total interest.
Estimated first payment—
Estimated payoff time—
Total interest—
Total paid—
Issuer formulas vary. This estimate uses monthly interest plus a percentage of the balance, subject to the floor you enter.
Why minimum payments can take so long
A minimum payment may cover interest and only a small portion of the balance. Paying a fixed amount above the minimum can shorten the payoff timeline and reduce total interest.
FAQ
How is a minimum payment calculated?
Card issuers use their own formula. This calculator uses an estimate so you can explore different payment scenarios.
What should I do after calculating?
Compare a fixed payment plan with your issuer’s statement and review the credit card interest calculator for a different payoff scenario.