Compare paying only the minimum with a fixed monthly payment, and find the payment that clears your card by the date you choose.
Your card
$
%
Minimum payment (check your statement)
% of balance
$
Your plan
$
months
Your payoff plan
Payoff time at your fixed payment
$0
Payoff time paying only the minimum
$0
Interest at your fixed payment—
Interest paying only the minimum—
Interest you save—
First minimum payment—
Monthly payment to be debt-free by your goal—
Your balance over timeMinimum payments vs. your fixed payment
Minimum payment onlyYour fixed payment
How this is calculated
Each month interest = balance × APR ÷ 12. Minimum payment = the higher of the floor you enter or interest + the percentage of the balance you enter.
Fixed plan: the same payment every month until the balance reaches zero; if it does not exceed the monthly interest, the balance never falls.
Payment to be debt-free by your goal: M = B × r(1+r)n ÷ ((1+r)n − 1). Assumes no new charges; issuers use the average daily balance, so results can differ slightly.
Card minimums are usually set at the month's interest plus a small share of the balance (often 1%), or a floor such as $25 to $40, whichever is higher. Because the minimum shrinks as the balance falls, most of every payment goes to interest for years. Your statement must show a minimum payment warning with how long payoff would take at the minimum, as required by the Credit CARD Act; the CFPB explains your credit card rights.
A fixed payment that stays the same while the balance falls clears the debt far faster. If you have several cards, the avalanche and snowball methods decide which to pay first, and a balance transfer or personal loan can cut the rate. This calculator assumes no new purchases and a fixed APR, and charges interest monthly; card issuers use the average daily balance, so real figures can differ slightly.
Common questions
How is the credit card minimum payment calculated?
Each issuer sets its own formula in the card agreement. A common one is interest and fees for the month plus 1% of the balance, with a minimum of $25 to $40. Enter your card's rule for the most accurate result.
How can I pay off my credit card faster?
Pay a fixed amount above the minimum every month, stop adding new charges, and consider moving the balance to a lower rate with a balance transfer card or a personal loan, counting any fees.
Does paying the minimum hurt my credit score?
Paying at least the minimum on time protects your payment history, but a high balance keeps your credit utilization high, which can lower your score until it comes down.