Minimum Payments Calculator
Most cards set the minimum as the greater of a percentage of the balance or a flat amount, and interest accrues on the rest. Paying only that minimum can keep a balance alive for years.
Minimum payment
$90.00
- Interest this month
- $60.00
- Months to clear (0 = never)
- 55.4781
- Total interest if minimum only
- $1,993.03
Values update as you type. This calculator covers the single scenario its formula assumes — see Common Mistakes for what it leaves out.
The formula this calculator uses
Minimum = max(Balance x Percent, Flat); Months = -ln(1 - r x B / P) / ln(1 + r)
- B
- Card balance
- Percent
- Minimum payment percentage
- Flat
- Flat minimum the card applies
- P
- Payment made each month
How to check the result by hand
- 1
Compute the percentage minimum
Multiply the balance by the minimum percentage the card uses.
- 2
Compare with the flat floor
The minimum due is the greater of the percentage figure and the flat amount.
- 3
Work out this month's interest
The balance times the APR divided by twelve shows how much of the payment is consumed by interest.
- 4
Add any extra payment
The amount actually paid is the minimum plus whatever extra you choose to add.
- 5
Solve for the payoff time
The number of months follows from the amortisation formula, and multiplying by the payment gives the total interest.
For worked examples, common mistakes and the limits of this formula, read the full How To Calculate Minimum Payments page.