Calculator · interest = balance × APR ÷ 12
How long the minimum really takes.
Enter a balance, an APR and your card's minimum rule. See how long the minimum takes, what it costs, and what a fixed payment changes.
Paying only the minimum takes
19 yrs 6 mo
First minimum: $150.00 · interest = balance × 24% ÷ 12
Minimum only
$8,887
interest · 234 payments
$200 fixed
$2,001
interest · 3 yrs
- Total paid, minimum only
- $13,886.95
- Interest saved with the fixed payment
- $6,886.39
Monthly APR ÷ 12 · no new charges · issuers' formulas vary · check your statement
How the math works
Every step, on screen.
Same method as the examples on @nodpost. Change any input and the numbers redo themselves.
- 01
Monthly interest
Balance × APR ÷ 12. At 24% APR that's 2% a month: $100 on $5,000.
- 02
The minimum
Either a % of the balance plus that interest, or a % of the balance, never below the floor. $5,000 at 1% + interest = $150.
- 03
Repeat until $0
The minimum shrinks as the balance shrinks, so the payoff slows down. $5,000 at 24% takes about 19.5 years.
- 04
Compare a fixed payment
A payment that doesn't shrink sends more to the balance every month. $200 fixed clears the same $5,000 in 36 months.
FAQ
Short answers.
How long does it take to pay off a credit card with minimum payments?
It depends on the balance, APR and the issuer's formula. A $5,000 balance at 24% APR with a 1% + interest minimum takes about 19.5 years and about $8,887 in interest.
How is the minimum payment calculated?
Common formulas are a percentage of the balance plus interest and fees, or a flat percentage, with a dollar floor. Your card agreement lists the exact rule.
Does paying a little more than the minimum help?
Yes. Every extra dollar goes to the balance, which lowers next month's interest. Keeping the payment fixed as the minimum drops is what makes the biggest difference.
Read the full example
Other calculators
Educational content, not financial, tax or legal advice. Results are estimates from the inputs you enter and simplified methods shown on this page; your lender, card issuer, employer or tax return may calculate differently. Read the full disclaimer.