Credit card payoff calculator
Credit card minimum payments can seem like a small, manageable amount, but relying on them can significantly increase the total cost of your debt and extend your repayment period. Understanding how they work is crucial for effective financial management.
Your card
Enter your current outstanding balance.
Enter your annual interest rate (for example, 18 for 18%).
Typically between 1% and 3% of the balance.
The minimum flat dollar amount you must pay.
Compare paying the same amount every month with paying only the minimum.
Results
Estimated time to pay off (minimum payments only) 62 months 5 years 2 months Check your numbersTotal interest paid$0
Total amount paid$0
Payoff time with your fixed payment-
Interest saved-
Time saved-
Your balance over time
Minimum payments onlyFixed monthly payment
Important noticeThese results are estimates based on the numbers you enter. Each card issuer sets its own minimum payment formula, and many add the month's interest and fees to the percentage. Interest rates can change, and new purchases, late fees and promotional rates are not included. Check your statement for your exact terms. This calculator is for educational purposes and is not financial advice.