Credit Card Minimum Payment Calculator

Quick answer

Enter your balance, APR and your card's minimum payment formula to see how long paying only the minimum takes and what it costs, compared with keeping your first minimum payment fixed every month.

The minimum payment keeps your account current. It is not a payoff plan. This calculator shows the difference.

What your statement already tells you

The CFPB says card issuers must show on each statement how long it would take to pay off your balance making only minimum payments, and how much you would need to pay each month to pay it off in 36 months.

Worked example

A $3,000 balance at 22.36% APR, with a minimum of 1% of the balance plus interest, at least $25:

Strategy	Time to pay off	Total interest
Pay only the minimum	about 15 years	about $4,515
Keep paying the first minimum, $85.90	57 months	about $1,895

Keeping the payment fixed saves about $2,620 and more than 10 years. Worked examples are arithmetic illustrations, not offers. Your issuer's formula may differ.

Why minimums shrink

Most minimums are tied to your balance. As the balance falls, the minimum falls, so the payoff stretches out. Fixing the payment at today's level breaks that cycle.

Next steps

Set autopay to a fixed amount above the minimum.
Use the credit card payoff calculator to pick a target date.
If you are struggling, ask about credit card hardship programs.

Ready to see real numbers? Use the form on this page to check whether partner lenders may have an offer, with the APR and full payment schedule shown before you commit, or call (800) 236-7761.

Examples are illustrations, not offers. Approval, APR and terms depend on the lender, your state and your credit profile.

Questions about credit card minimum payment calculator

How is a credit card minimum payment calculated?

Each issuer sets its own formula, often a percentage of the balance, sometimes plus that month's interest and fees, with a dollar floor. Check your card agreement or statement.

How long does it take to pay off a card with minimum payments?

Often years. Your statement must show how long it would take paying only the minimum, and what payment would clear it in 36 months, according to the CFPB.

Why does paying the minimum take so long?

As the balance falls, the minimum falls too, so less goes to principal each month.

Is it bad to pay only the minimum?

It keeps the account in good standing, but it maximizes interest. Paying more, or keeping your payment fixed, saves money.

Sources

CFPB: What does the minimum payment box on my credit card bill mean? (accessed 2026-10-09)
CFPB: How does my credit card company calculate the amount of interest I owe? (accessed 2026-10-09)
Federal Reserve G.19 Consumer Credit (interest rates) (accessed 2026-10-09)

Last updated 2026-10-09. How we research and update pages.

Credit Card Minimum Payment Calculator