Estimate your starting minimum payment, payoff time and total interest—and see how much a higher fixed monthly payment could save.
Use the terms shown on your card statement.
This calculator estimates how long it may take to repay a credit-card balance when you make only the changing minimum payment. It also estimates total interest and compares the result with a higher fixed monthly payment.
Minimum-payment formulas vary by issuer. A common method charges a percentage of the balance or a fixed dollar floor, whichever is greater. Some issuers calculate interest and fees separately.
Use the current balance and purchase APR shown on your statement.
Enter the percentage, dollar floor and any recurring monthly fee.
Review the time and interest differences produced by a fixed payment.
When the minimum is calculated as a percentage of the outstanding balance, it usually falls as the balance falls. This can stretch repayment over many years because less principal is paid each month.
The calculator uses the greater of the percentage-based amount or the minimum dollar floor, limited to the remaining balance plus monthly interest and fees.
Keeping a consistent payment instead of allowing it to decline can direct more money toward principal and may reduce both payoff time and interest.
Issuers may use a percentage of the balance, a fixed minimum, or a formula that includes interest and fees. Check your card agreement for the exact method.
You may remain current if the payment arrives on time, but repayment can take much longer and total interest can be substantially higher.
Yes. If the payment does not cover interest and fees, the balance can remain unchanged or increase.
Generally, paying more reduces principal sooner, which can lower future interest when no new purchases or fees are added.