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Card issuers set the minimum payment low on purpose. Enter your balance and rate to see how many years paying only the minimum takes, how much of it is interest, and how much a fixed payment saves you.
Use the balance and APR from your latest statement. We filled in an example. Nothing you type leaves your device.
Most cards never ask for less than $25 to $40, even when the formula comes out lower.
Pick one payment and stick to it every month, even as the balance drops.
| Paid off in | Monthly payment | Total interest |
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Estimates only. Interest is figured monthly from your APR, and we assume no new charges, fees or rate changes. Real issuers calculate interest daily and their minimum rules vary, so your statement’s “minimum payment warning” box is the final word. This is not financial advice.
Most card minimums are a small slice of the balance, often the month’s interest plus 1% of what you owe, with a floor of around $25 to $40. As your balance shrinks, so does the minimum. That keeps the payment comfortable, but it also means most of every early payment goes to interest and the last few hundred dollars drag on for years.
Federal law requires your statement to show how long paying only the minimum would take and what it would cost in total. If those numbers surprised you, this calculator lets you test what a bigger, steady payment does.
Have more than one card? Our debt payoff planner shows the fastest order to pay them off.
Free, no-obligation
If the minimum barely moves your balance, a debt specialist can show you options that could lower your rate or your total payoff, at no cost.