D&B

Minimum payment calculator

Minimum-only payoff of $5,000 at 24.99%worked example

15 yr 9 mo

First minimum payment
$154.13
Minimum-only interest
$8,597.06
Fixed at $154.13/month instead
4 yr 7 mo
Interest saved by fixing the payment
$5,178.94

Paying only the minimum, this balance takes 15 yr 9 mo (until May 1, 2042) and costs $8,597.06 in interest — because the minimum shrinks as the balance shrinks. Keep paying the first minimum, $154.13, unchanged every month, and it clears in 4 yr 7 mo (11 yr 2 mo sooner), saving $5,178.94.

See what paying only the minimum actually costs: the months to zero, the total interest, and the payoff date when the minimum is recomputed from your shrinking balance every month. Then compare against fixing your payment at the first minimum — same starting number, years less interest.

How to use this calculator

  1. 1

    Enter the balance from your latest statement

    The minimum-payment schedule is recomputed from the balance every month, so start from the statement balance — the figure your issuer used to compute the minimum currently being asked of you. Your banking app's mid-cycle number will be close, but the statement is the honest anchor.

  2. 2

    Use your real APR, not a guess

    The gap between minimum-only and fixed payments grows with the rate, so precision matters here. The APR is printed in your statement's interest charge calculation section. If you have a promotional 0% rate, note when it ends — this tool models the standard rate that follows.

  3. 3

    Look at the shape, not just the total

    The point of the comparison is that the minimum payment shrinks as your balance shrinks, which stretches the payoff for years. The fixed column holds your very first minimum steady. Same starting payment, wildly different endings — that difference is the trap, made visible.

  4. 4

    Compare against your own statement's disclosure box

    Your statement already prints a federally required box showing minimum-only payoff time and a 3-year-payoff payment. Check this calculator against it: the figures should be in the same neighborhood, and the box is a good reminder that the issuer itself documents the trap.

  5. 5

    Pick any fixed payment you can hold

    The escape is not paying dramatically more — it is refusing to let the payment shrink. Even fixing your payment at today's minimum, unchanged, typically cuts years off. From there, the credit card payoff calculator lets you test specific fixed amounts.

Everything you type here is computed in your browser. Nothing you enter is stored on a server, sent anywhere, or shared — there is no account, and your balances never leave your device.

Frequently asked questions

How is a credit card minimum payment calculated?
Most issuers set the minimum at 1% of your balance plus that month's interest and fees, with a dollar floor — floors ranged from $15 to $50 in the CFPB's 2025 review of card agreements, and $40 was the most common. Because the minimum is recomputed from the balance each month, it shrinks as you pay, which is exactly why minimum-only payoff takes so long.
Why does paying only the minimum take decades?
The minimum falls as the balance falls, so the principal you retire each month keeps shrinking too. A fixed payment does not shrink — every month the same dollars land while the interest portion falls, so principal repayment accelerates. That difference in shape, not the starting amount, is what the side-by-side comparison shows.
Where do I find my card's actual minimum payment formula?
In the cardholder agreement under a heading like "How we calculate your minimum payment", or by asking the issuer. Your statement also prints a federally required disclosure box showing how long minimum-only payments would take and what a 3-year payoff would cost — this calculator lets you go beyond those two fixed scenarios.
Which minimum payment formula does this calculator use?
The default is the most common issuer convention in the CFPB's December 2025 market report — 1% of the balance plus monthly interest, with a $40 floor — and the source is cited on the page. You can switch conventions; the point of the tool is the shape of the payoff, which every convention shares.
Is my balance sent anywhere?
No. The schedule is computed entirely in your browser. Your balance and rate never leave your device, and there is no account, no sign-up, and nothing stored unless you explicitly save a plan to your own browser's localStorage.

Get a quarterly nudge to re-check your numbers

Four emails a year: a reminder to re-take your numbers, and what changed in the guidance behind these tools. No spam, unsubscribe any time.

Double opt-in: you will get one confirmation email and nothing else until you click it.

Related calculators

Credit Card PayoffCredit cards

Recommended

Paid partnerships, clearly marked. We only list things that fit the page you are on.

National Debt Relief

A debt relief company that works with people carrying larger unsecured balances. A consultation is free; what it offers, what it costs, and whether it fits your situation are theirs to explain.

Visit National Debt Relief ↗

Keeper

Tax filing that scans linked accounts for deductible expenses — most relevant if freelance or gig income is part of the picture.

Visit Keeper ↗

YNAB

A zero-based budgeting app. The extra payment your plan needs has to come from a budget line somewhere; this is a tool for finding it.

Visit YNAB ↗

Affiliate disclosure: some links here may earn us a commission at no extra cost to you. How that works

Every formula on this page is listed with its source on the methodology page, and changes to any reference value are logged in the data changelog. Canonical URL: https://debtandbills.com/minimum-payment-calculator

We use cookies to improve your experience and analyze traffic. Analytics and ads only load after consent. Learn more