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Credit Card Minimum Payment Calculator

See how long it takes to pay off a credit card making only minimum payments — and what it costs.

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Time to pay off

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Results are estimates for planning and are not financial advice.

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Quick answer

A $5,000 balance at 22% APR with 2% minimums can take decades to pay off and cost several times the original balance in interest.

How it works

Most cards set the minimum at 1–3% of the balance (or a small fixed amount, whichever is higher). Paying only the minimum can stretch a balance over decades and cost more in interest than you originally charged.

Formula

Each month: Payment = max(Floor, Balance × %); Balance = Balance + Interest − Payment

Assumptions & limitations

  • No new purchases or fees
  • APR stays constant
  • Minimum is the greater of the percent or the floor

Formula and assumptions reviewed October 2026 by the Calculyn team. How we build our calculators

Frequently asked questions

Why does it take so long?

The minimum shrinks as the balance shrinks, so most of each payment goes to interest rather than principal.

How can I pay it off faster?

Pay a fixed amount above the minimum every month — even an extra $50 cuts years off the payoff.