Minimum Payment Calculator – The True Cost of Paying the Minimum
See how long it actually takes to pay off your credit card if you only make minimum payments — and how much interest you will pay. A $5,000 balance at 22% APR with 2% minimum payments takes over 600 months and costs $34,784 in interest alone.
$
%
%
Minimum Payment Timeline
50.0 Years
(600 months to pay off)
Original Balance
$5,000
Total Interest
$34,784
Total Paid
$39,784
Interest Multiplier
8.0×
Minimum Payment FAQs
Why are minimum payments dangerous?
Credit card minimum payments are typically 2% of your balance. At this rate, a $10,000 balance at 22% APR takes over 30 years to pay off and costs more than $16,000 in interest alone. Paying even $50 more than the minimum can cut years off your timeline.
How are minimum payments calculated?
Most issuers calculate minimum payments as 2% of the balance or $25-35 (whichever is greater), plus any fees and past-due amounts. This formula keeps you in debt for decades — it is designed to maximize interest revenue for the card issuer.
Related Calculators
More tools to help with your debt payoff planning