Credit Card Minimum Payment Calculator
Use this calculator to determine how long it will take you to payoff your credit cards if you only make the minimum payments. Enter your credit card information below and press "View Report" to see your payoff details.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
Financial Calculators from
Dinkytown.net
Credit card balance
Your current balance on your credit card.
Credit card rate
Interest rate for your credit card. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.
Minimum payment
This is the percent of your outstanding balance that will be used to calculate your minimum payment for the month. Your monthly payment is calculated as the percent of your current outstanding balance you entered, but will never be less than 15. Your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards.
Monthly payment
This is your initial monthly payment. For credit cards, this is calculated as your minimum payment. Your monthly payment is calculated as the percent of your current outstanding balance you entered. Your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards.
Balance payoff
This is the total length of time required to pay off this credit card debit if you use only minimum payments. Your monthly payment is calculated as the percent of your current outstanding balance you entered. Your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards.
Total payments
This is the total you will pay to pay of this credit card debt if you use only minimum payments. Your monthly payment is calculated as the percent of your current outstanding balance you entered. Your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Get Started with Your Financial Education