Minimum Payment Calculator
Calculate how long it will take to pay off your credit card debt with minimum payments. Understand the true cost of minimum payments and how they affect your total interest paid.
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Step 1: Debt Information
About Minimum Payments
Minimum payments are typically calculated as a percentage of your balance (usually 2-3%) or a fixed minimum amount (whichever is higher). Paying only the minimum significantly increases total interest paid.
Step 2: Payment Options
Tips for Faster Debt Repayment
Adding even a small extra payment each month can significantly reduce your payoff time and total interest paid. Consider allocating windfalls like tax refunds or bonuses to your debt.
Payment Calculation Results
Time to Pay Off Debt
Payment Plan Comparison
| Payment Strategy | Monthly Payment | Payoff Time | Total Interest |
|---|
Amortization Schedule (First 12 Months)
| Month | Payment | Principal | Interest | Remaining Balance |
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How Minimum Payments Are Calculated
Monthly interest = (APR/12) × Current Balance. Minimum payment is typically the greater of: (Minimum Percentage × Balance) or (Fixed Minimum Amount). Any payment above the minimum goes toward reducing the principal balance.
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