# Minimum Payment Calculator

The True Cost Of Paying The Minimum

\$
Principal Amount Required! Enter Dollar Amounts Only!
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Interest Rate Required! Enter Numeric Percentage Only!
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\$

* Your account agreement or monthly statement will contain language similar to "your minimum payment is 3% of your balance or \$25, whichever is greater."

It will take you {{months}} months to pay off your debt, if you make minimum monthly payments on a balance of {{principal}} with a {{apr}} APR. In that time, you will pay {{interest}} in interest charges

We recommend that you pay more than the minimum payment whenever possible. If you make only the minimum payment each month, it will take you longer and cost you more to clear your balance.

Month Minimum Payment Principal Paid Interest Paid Remaining Balance Total Interest
{{element.month}} {{element.payment}} {{element.principal}} {{element.interest}} {{element.owed}} {{element.totalInterest}}

The minimum payment on credit card debt is calculated as a percentage of your total current balance, or as all interest plus 1 percent of the principal. Card issuers also set a floor to their minimum payments -- a fixed dollar amount that the minimum payment won't fall below.

The minimum payment drops as your balance is paid, but thanks to compounding interest, you will end up paying for a long, long time if you pay only the minimum.

Check out how much interest you will pay over the life of the debt by using this calculator. To begin, click the "Inputs" tab and enter your information. Click "Calculate" and then view detailed information by clicking "Results", "Graphs", and "Tables."

## More Calculators

The minimum payment on credit card debt is calculated as a percentage of your total current balance, or as all interest plus 1 percent of the principal. Card issuers also set a floor to their minimum payments -- a fixed dollar amount that the minimum payment won't fall below.

The minimum payment drops as your balance is paid, but thanks to compounding interest, you will end up paying for a long, long time if you pay only the minimum.

Check out how much interest you will pay over the life of the debt by using this calculator. To begin, click the "Inputs" tab and enter your information. Click "Calculate" and then view detailed information by clicking "Results," "Graphs" and "Tables."

This calculator is intended solely for general information and educational purposes and does not take into account all of the personal, economic and other factors that may be relevant to your decision making. The accuracy of this calculator and its applicability to your personal financial circumstances is not guaranteed or warranted.