Why does this take so much longer than a fixed payment?

Because the minimum payment shrinks as your balance does, less and less goes to principal each month — a fixed payment keeps chipping away at principal at a constant (and eventually faster) rate.

Minimum Payment Calculator

Credit

See how long paying only the minimum takes — and how much interest it costs — compared to a fixed payment.

Display currency

Changing the display currency only changes the symbol shown — amounts aren't converted, since this tool doesn't use live exchange rates.

This illustrates why paying only the minimum on a credit card is expensive — the minimum shrinks as your balance does, which stretches payoff time and interest dramatically compared to a fixed payment.

Current balance

APR (%)

Minimum payment (% of balance)

Minimum floor ($)

Paying only the minimum

—

Total interest paid:

How this is calculated

Simulates a declining minimum payment recalculated each month as the greater of (balance × minimum %) or a dollar floor, which shrinks along with the balance — the reason minimum-only payoffs stretch out for years.

Frequently asked questions

Why does this take so much longer than a fixed payment?: Because the minimum payment shrinks as your balance does, less and less goes to principal each month — a fixed payment keeps chipping away at principal at a constant (and eventually faster) rate.

Credit Card Payoff Calculator

Calculate how long it will take to pay off a credit card with a fixed monthly payment.

Credit Card Interest Calculator

Calculate the monthly interest charge on a credit card balance.

Debt Avalanche Calculator

Pay off your debts highest-interest-first to minimize total interest paid.