Credit Card Minimum Payment Calculator
Minimum payment and payoff projection
Minimum payment is calculated as the greater of a rule-based percentage formula and flat minimum amount.Input details
Summary Result
Credit Card Balance
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Annual Percentage Rate (APR)
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Minimum Payment Amount
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Time to Payoff (Months)
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Total Interest
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Total Payment
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Graph: Balance vs Time (minimum payment line)
Principal--
Interest--
Minimum Payment Line--
Credit Card Minimum Payment Formula and Instructions
Method 1: Monthly Interest
- Monthly interest rate = APR / 12 / 100.
- Interest = Current Balance x monthly rate.
Method 2: Minimum Payment Rule
- Rule-based minimum depends on selected option (fixed percent, or Interest + X% of balance).
- Final minimum payment = greater of rule-based minimum and flat Minimum Amount.
Method 3: Payoff Simulation
- Each month: apply interest, then subtract minimum payment.
- Continue until balance reaches zero to compute payoff months and total interest.