What the minimum payment really costs
Plug in your balance and APR. See how long minimum payments take, what they cost, and what a little extra each month saves.
HOW YOUR CARD CALCULATES THE MINIMUM
Your statement's “minimum payment warning” box shows the exact formula your issuer uses.
MINIMUM ONLY
19 yr 6 mo
$8,887 in interest
PAYING $175/MO
3 yr 7 mo
$2,488 in interest
$6,399 saved
Today's minimum is about $150. Keep paying $175 every month — even as the minimum drops — and you're done 15 yr 11 mo sooner.
// WHAT A LITTLE EXTRA DOES
| PAY EACH MONTH | DEBT-FREE IN | TOTAL INTEREST |
|---|---|---|
| Minimum only (shrinks) | 19 yr 6 mo | $8,887 |
| $175 (+$25) | 3 yr 7 mo | $2,488 |
| $200 (+$50) | 3 yr | $2,001 |
| $250 (+$100) | 2 yr 2 mo | $1,449 |
| $350 (+$200) | 1 yr 5 mo | $947 |
Estimates assume no new purchases and interest charged monthly at APR ÷ 12. Most cards compound daily, so real interest runs slightly higher. Late fees and rate changes aren't included.
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“Plug in your balance and APR. See how long minimum payments take, what they cost, and what a little extra each month saves.”