Credit Card Minimum Payment Calculator
Minimum payments are designed to keep a balance alive for years. See exactly how long yours would take to pay off — and what the same debt costs with a fixed monthly payment instead.
Your numbers
Check your cardholder agreement — with a $25 minimum floor, which this calculator applies as payments shrink.
A fixed amount every month, instead of a minimum that shrinks as the balance falls.
Your result
Assumes no new charges, no fees, and a constant APR. Real statements vary slightly by issuer and billing cycle — the shape of the result (years, and interest rivaling the original balance) does not.
Why minimum payments take so long
A minimum payment is usually the month's interest plus a sliver of principal — often 1% of the balance — or a small percentage of the balance outright. Because the payment shrinks as the balance falls, the payoff stretches out: each month you retire only about 1% of what you owe, so the balance decays slowly, like a half-life.
The calculator simulates your statement month by month: interest = balance × APR ÷ 12; payment = the greater of your issuer's formula or the $25 floor; the rest of the payment reduces the balance. A fixed payment breaks the pattern because it stays the same while the interest portion shrinks.
The comparison box is the actionable part: on a typical balance, freezing your payment at what the first minimum would have been — instead of letting it slide down — can cut years off the payoff and save thousands in interest, without paying a dollar more than you already were.
Frequently asked questions
Why is my minimum payment getting smaller?
Because it's calculated from the current balance. That's convenient for cash flow but costly: the payment falls exactly as fast as your progress, which is why a balance can linger for 15–20 years. Paying a fixed dollar amount instead is the simplest fix.
Does paying the minimum hurt my credit score?
Paying on time protects your payment history, the largest scoring factor. But carrying a high balance relative to your limit (utilization) works against you — and minimum-only payments keep utilization high for years. Paying the balance down faster helps both your score and your interest bill.
What if the calculator says my balance never gets paid off?
That happens when the minimum formula produces a payment at or below the month's interest — possible with a 2%-of-balance rule at a high APR. The balance then grows despite paying every month. Even a modest fixed payment above the interest amount reverses it; try the comparison field to find one.