Free Calculator
Credit Card Minimum Payment Calculator
See the real cost of only paying the minimum on a credit card, and how much faster you get out of debt with even a small extra payment.
Canadian 2% MinimumReal Payoff TimelineExtra Payment Savings
Your credit card details
The minimum payment trap
Minimum payments shrink as your balance shrinks, so a big share of every payment goes to interest and the balance barely moves. Adding even $25 to $50 a month on top of the minimum can cut years off your payoff and save hundreds or thousands of dollars in interest.
Minimum payment only
Time to pay off
0 yrs
Total interest
$0
With your extra payment
New payoff time
0 yrs
Total interest
$0
This calculator assumes a minimum payment of 2% of the balance or $10, whichever is greater, interest compounded monthly, and no new purchases. Results are estimates for educational purposes only.