Credit Card Minimum Payment Payoff Calculator
See how long — often decades — and how much interest it takes to pay off a credit card making only the minimum payment, versus a fixed payment. Runs in your browser.
Paying only the minimum
- Time to pay off
- 80 yr 8 mo
- Total interest
- $43,419
- Total paid
- $48,419
Paying a fixed $200/month instead
- Time to pay off
- 2 yr 10 mo
- Total interest
- $1,750
- Interest saved vs minimum
- $41,670
Minimum payments are usually a small percent of the balance (with a dollar floor), so they shrink as the balance falls — stretching payoff for years or decades and multiplying the interest. Paying a fixed amount above the minimum dramatically cuts both. Informational, not financial advice.
About this tool
Paying only the minimum on a credit card is the most expensive way to carry a balance, and this calculator shows exactly how expensive. Minimum payments are typically a small percentage of the balance (commonly around 2%) with a dollar floor, so as you pay the balance down the required payment shrinks too — which is why minimum-only payoff drags on for years or even decades and can cost more in interest than the original balance. The tool simulates that month by month and reports the payoff time and total interest, then lets you compare paying a fixed amount instead, showing how much interest and time a steady higher payment saves. The contrast is genuinely eye-opening: a few thousand dollars at a typical APR can take 20+ years and double in total cost on minimums, but clear in a couple of years for a modest fixed payment. Use it as motivation to pay more than the minimum. It is informational, not financial advice. Everything runs in your browser.
How to use it
- Enter your card balance and APR.
- Set the minimum payment percentage and dollar floor (check your statement).
- Read how long minimum-only payoff takes and its total interest.
- Slide the fixed payment up to see the time and interest you'd save.
Frequently asked questions
- Why does paying the minimum take so long?
- Because the minimum is a percentage of the balance, it falls as the balance falls, so less and less goes to principal. Combined with high APR interest accruing monthly, payoff can stretch 20+ years and the total interest can exceed the original balance.
- How is the minimum payment determined?
- Most issuers use the greater of a small percentage of the balance (often ~1–3%) or a dollar floor (commonly $25–$35), sometimes plus accrued interest/fees. Check your cardholder agreement for the exact formula; this tool lets you set both.
- How much faster is a fixed payment?
- Dramatically. Paying a constant amount means the full extra goes to principal every month, so the balance falls steadily instead of slowly. The calculator shows the side-by-side time and interest difference for the fixed amount you choose.
- Can the minimum ever fail to pay off the card?
- With a pure percentage minimum and no floor, yes — if the percentage is below the monthly interest rate, the balance never declines. A dollar floor eventually pays it off but can still take decades. The tool flags the never-payoff case.
- What's the fastest way to clear card debt?
- Pay as much above the minimum as you can, target the highest-APR card first (the avalanche method), and consider a 0% balance transfer to pause interest. Stopping new charges while you pay down is essential.
- Is this financial advice?
- No. It is an informational illustration. For a debt-payoff plan, consider a nonprofit credit counselor or financial advisor.