Credit Card Minimum Payment Calculator
Calculate credit card minimum payment from your own entered figures.
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Currency: Amounts are calculated in the currency you select; this site does not convert between currencies and does not use live exchange rates.
What this tool does
Calculate credit card minimum payment from your own entered figures. The minimum rules are typical issuer formulas, labelled as estimates: your cardholder agreement states your actual rule, floor and any fixed-fee components. No new charges or late fees are modeled.
How to use the Credit Card Minimum Payment Calculator
- Enter or select card balance.
- Enter or select card apr (%).
- Enter or select minimum payment rule (typical issuer rules).
- Enter or select minimum payment floor.
- Read the calculated result; change any measurement to compare alternatives.
Formula
simulate month by month: interest = balance × APR/1200; minimum = max(floor, rule(balance, interest)); balance = balance + interest − minimum, capped at 1200 months
- balance
- Card balance
- apr
- Card APR (%)
- rule
- Minimum payment rule (typical issuer rules)
- floor
- Minimum payment floor
The minimum rules are typical issuer formulas, labelled as estimates: your cardholder agreement states your actual rule, floor and any fixed-fee components. No new charges or late fees are modeled.
Worked example
For credit card minimum payment calculator, the following measurements illustrate the exact method: Card balance: 5000; Card APR (%): 24; Minimum payment rule (typical issuer rules): pct3; Minimum payment floor: 25.
Inputs
- Card balance$5000
- Card APR (%)24 %
- Minimum payment rule (typical issuer rules)3% of balance
- Minimum payment floor$25
Result
- Months paying only minimums234
- Total interest paid$8,886.95
- Total paid$13,886.95
- First minimum payment$150.00
Results explained
- Months paying only minimums
- Months paying only minimums from the formula above. The minimum rules are typical issuer formulas, labelled as estimates: your cardholder agreement states your actual rule, floor and any fixed-fee components. No new charges or late fees are modeled.
- Total interest paid
- Total interest paid from the formula above. The minimum rules are typical issuer formulas, labelled as estimates: your cardholder agreement states your actual rule, floor and any fixed-fee components. No new charges or late fees are modeled.
- Total paid
- Total paid from the formula above. The minimum rules are typical issuer formulas, labelled as estimates: your cardholder agreement states your actual rule, floor and any fixed-fee components. No new charges or late fees are modeled.
- First minimum payment
- First minimum payment from the formula above. The minimum rules are typical issuer formulas, labelled as estimates: your cardholder agreement states your actual rule, floor and any fixed-fee components. No new charges or late fees are modeled.
Frequently asked questions
simulate month by month: interest = balance × APR/1200; minimum = max(floor, rule(balance, interest)); balance = balance + interest − minimum, capped at 1200 months
The minimum rules are typical issuer formulas, labelled as estimates: your cardholder agreement states your actual rule, floor and any fixed-fee components. No new charges or late fees are modeled.
No. All numbers are entered by you or come from the dated reference table shown on this page; calculations run locally.
This is an estimate, not financial, tax or legal advice. Verify the inputs and output with official sources and a qualified professional.
Check period consistency, currency, percentage inputs and the assumptions: The minimum rules are typical issuer formulas, labelled as estimates: your cardholder agreement states your actual rule, floor and any fixed-fee components. No new charges or late fees are modeled.