Credit Card Minimum Payment Payoff Calculator

See how long paying just the minimum keeps a balance around and how much interest it costs.

Current balance ($): Annual interest rate (APR %): Minimum payment percentage (% of balance): Minimum payment floor ($): Extra payment added each month ($):

Why minimum payments stretch debt

Minimum payments are designed to protect the lender. When the required payment is a small percentage of the balance, most of that money goes toward interest while only a tiny portion reduces principal. As your balance shrinks, the minimum shrinks with it, slowing progress even more.

Try adjusting the extra payment input to see how much faster the card can be paid off. Even an additional $20 or $50 per month often shortens repayment by years and saves hundreds of dollars in interest.

Tips for faster payoff

Automate a payment that is larger than the minimum so you do not forget.
Look for promotional balance transfer offers, but watch for transfer fees.
Cut expenses temporarily and redirect the savings toward the card balance.
Once a card is paid off, roll that payment to the next highest balance (the debt snowball method).

Understanding the math

Every month interest is added based on the Annual Percentage Rate (APR). The minimum payment combines a percentage of the balance with a flat dollar floor. This calculator applies the greater of those two rules, adds any extra payment you enter, and repeats the process month after month until the balance reaches zero.

If the payment you enter is not enough to cover accrued interest, the balance will grow. The calculator warns you in that case so you can adjust the payment or contact your card issuer for help.