Minimum payment calculator

Ever wonder how long it would take to clear a credit card paying just the minimum due? The answer is usually years longer — and thousands more in interest — than people expect, because the minimum shrinks as your balance shrinks. Enter your balance and rate below to see the real timeline, then compare it against simply freezing your payment. Everything runs in your browser; we never see or store your numbers.

Why the minimum is a moving target

A credit-card minimum is not a flat installment. Most issuers set it as the greater of a flat floor (commonly $25–$35) or a small percent of the balance — often 1% to 2% — plus the interest and any fees that posted that month. Because the percent is taken on a balance that keeps falling, the payment falls too. The result is a long, slow tail: in the early months most of your minimum is interest, so the principal barely moves, and the payoff stretches out for years.

This tool reproduces that month by month on your own numbers. It computes this month's minimum, then walks the balance forward — applying interest, taking the declining minimum, and repeating — until the card is paid off, so you can see the true number of months and the total interest. Then it runs a second path at a fixed payment (by default, the same dollar amount as this month's first minimum, held level) so you can see exactly what freezing the payment is worth.

The fix usually costs nothing

The most powerful move is also the cheapest: stop letting the payment shrink. Paying a steady amount — even the same figure you'd owe this month — sends more to principal every month and can pull the payoff date in by years. If you can add a little on top, the payoff calculator turns a fixed payment into a debt-free date and totals the interest you'd save.

When the rate is high and the balance would take many years at the minimum, a lower, fixed-rate consolidation loan can do two things at once: force a level payment and cut the rate. And if a balance is so large that even a steady payment can't realistically retire it, an honest look at your debt relief options — a nonprofit debt management plan or, for unsecured balances you genuinely can't repay, debt settlement — may resolve it for less. Settlement is not guaranteed, can lower your credit score, and a forgiven balance over $600 may be reported on a 1099-C as taxable income, so we explain each route plainly before you choose.

Frequently asked questions

Why does paying only the minimum take so long?

Because the minimum is not a fixed amount — it's usually the greater of a small flat floor (often $25–$35) or a small percent of the balance (commonly 1–2%) plus that month's interest. As the balance falls, the required payment falls with it, so each month a little less goes toward the principal. Early on, most of your minimum is just interest. That declining structure is exactly why a balance can take well over a decade to clear at the minimum, even though the card never reports you late.

What's the single best way to pay off a card faster?

Freeze your payment. Pick the amount of this month's minimum (or more) and pay that same dollar figure every month instead of letting it shrink. Because the balance keeps dropping while your payment stays level, more goes to principal each month and the payoff date pulls in dramatically — often cutting years and a large share of the interest, with no new product and no fee.

Is it bad to pay the minimum?

Paying at least the minimum is important — it keeps your account current and protects your credit. The problem isn't paying the minimum; it's paying only the minimum, month after month, because the declining payment makes it the slowest and most expensive way to clear a balance. Paying any fixed amount above the minimum, consistently, is what breaks the cycle.

When does a loan or debt relief make more sense than just paying more?

If the rate is high and the balance would take many years at the minimum, a fixed-rate consolidation loan can help because it forces a level payment and can lower the rate — compare offers with a soft credit check before deciding. If the balance is so large that even a steady payment can't realistically retire it, a nonprofit debt management plan or debt settlement may resolve unsecured balances for less; note that settlement is not guaranteed, can lower your credit score, and a forgiven balance over $600 can be reported on a 1099-C as taxable income.