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Minimum Payment Calculator

See the real cost of paying only the minimum on your credit card.

Details

Common minimums are 1-3% of the balance, or a flat minimum (e.g. $25), whichever is greater.

Enter your numbers and select Calculate to see results.

About This Calculator

Credit card minimum payments are typically calculated as a percentage of your balance (commonly 1-3%) plus interest, meaning your minimum payment shrinks each month as your balance falls — dramatically extending payoff time. This calculator models a declining minimum payment schedule to show the true time and cost of paying only the minimum.

How This Is Calculated

Payment = max(Floor, Balance × Min%), recalculated monthly as balance declines

A $5,000 balance at 24% APR with a 2% minimum (min $25) can take 15+ years to pay off and cost more in interest than the original balance.

Assumptions

  • Assumes no new charges are added to the card.
  • Assumes the minimum payment formula and APR stay constant.

Frequently Asked Questions

Most issuers calculate the minimum as a percentage of your current balance, so as your balance shrinks, so does your required minimum — which is why minimum-only payoff takes so much longer than a fixed payment would.

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Last updated January 15, 2026. Results are estimates for informational purposes only — read our disclaimer.