Minimum Payment Calculator
Use this calculator to check how long it will take to pay off your debt and how much interest you will pay when only making minimum monthly payments
Credit Card Balance
Credit Card Interest Rate
Percentage of Balance
Minimum Payment Floor
Total Interest Paid
Total Principal Paid
Months To Pay Off
Total Amount Paid
Understanding Your Minimum Payment
Your minimum payment is based on a percentage of your total current balance. Issuers may also set a minimum payment floor which your minimum payment cannot be less than.
Components of your minimum payment:
Percentage of current balance
Fixed dollar amount that the minimum payment does not become less than
For example, on your credit card agreement or statement you may see, "Minimum payment is 3% of your credit card balance or $20.00, whichever is greater."