Credit Card Minimum Payment Payoff Calculator
Calculate how long it takes to pay off credit card debt with minimum payments. See total interest costs, payoff timeline, and potential savings with higher payments.
Quick Answer
Minimum Payment = Balance × Minimum Payment Rate + Interest Charges. Most cards require 1-3% minimum payment. Paying only minimums can take 10+ years and double your costs. Essential for debt management and financial planning.
Calculator Preview
Time to Pay Off: 13 years 4 months
Total Interest: $11,842
Total Amount: $21,842
Key Features
Minimum Payment Analysis
Calculate exact minimum payments and see how they change over time
Payoff Timeline
See exactly how long it takes to become debt-free with minimum payments
Interest Cost Breakdown
Understand how much interest you'll pay over the life of the debt
Payment Strategy Comparison
Compare minimum payments vs. higher payment strategies
How It Works
Enter Your Debt Details
Input your credit card balance, APR, and minimum payment requirements
Calculate Minimum Payments
System calculates monthly minimum payments based on your card's terms
Analyze Payoff Timeline
See how long it takes to pay off debt and total interest costs
Compare Payment Strategies
Explore how higher payments can save time and money
Why Use This Calculator?
Debt Awareness
Understand the true cost of minimum payments
Financial Planning
Plan your debt payoff strategy effectively
Save Money
See how much you can save with better payment strategies
Start Your Debt-Free Journey
Calculate your credit card payoff timeline and take control of your finances
Use Full CalculatorFrequently Asked Questions
How are minimum payments calculated?
Most credit cards require a minimum payment of 1-3% of the balance, plus any interest charges and fees. The exact formula varies by card issuer.
Why does paying only minimums take so long?
Minimum payments are designed to cover mostly interest charges, with only a small portion going toward principal. This means your balance decreases very slowly.
How much can I save by paying more than minimum?
Paying double the minimum can cut your payoff time by more than half and save thousands in interest. Even small increases make a big difference.
What's the best strategy for credit card debt?
Pay more than the minimum whenever possible. Consider the avalanche method (highest interest first) or snowball method (smallest balance first) for multiple cards.