Minimum Payment Calculator
Enter your balance and your card’s minimum-payment rule to see how long minimum-only payoff really takes — and what happens when you add a fixed extra amount each month.
Your card & minimum-payment rule
Payment rule used here: greater of percent × balance or dollar minimum. Real issuer rules may add interest, fees, and a fixed principal component. Simulation limit: 120 years.
Estimated payoff exceeds the calculator’s simulation limit.
Estimated payoff exceeds the calculator’s simulation limit of 120 years and may take an impractically long time. Under the stated payment rule the balance still declines each month, but very slowly.
How this calculation works
- Each month we compute the minimum as max(percent × balance, dollar minimum).
- Interest is charged on the starting balance at APR ÷ 12.
- Payment covers interest first, then reduces principal.
- The final payment is capped so you never overpay.
- Adding a fixed extra amount is applied directly to principal.
Important limitations
- Real issuers may compute the minimum as interest + fees + 1% of principal, or other formulas.
- Late fees, penalty APRs, and new purchases are not modeled.
- Results are educational estimates only. Simulation horizon: 120 years.