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Credit Card Minimum Payment Calculator


Credit Card Minimum Payment Calculator

Credit Card Minimum Payment Calculator

Use this credit card minimum payment calculator to determine how long it will take you to pay off your credit cards if you only make the minimum payments. You can also adjust the payment percentage and/or interest rates to see how your credit card debt payoff would be affected. Click on the "View Report" button to see the results in detail.



This Financial Calculator requires SUN's Java™ Plug-in. If you see this message you will need to download SUN's Java™ Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing "Install ActiveX Control".

    You can also get SUN's Java™ Plug-in here: Get the Java™ Plug-in!

Definitions of terms included in this calculator


Definitions



Balance
Your current balance on your credit card.

Interest rates
The average annual percentage rate you pay. This interest rate is calculated for each of the categories of debt you have including credit cards, Auto Loans and other installment loans. For credit cards the rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.

Payment %
This is the percent of your outstanding balance that will be used to calculated your minimum payment for the month. Your monthly payment is calculated as the percent of your current outstanding balance you entered. Your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards.

Payment $
This is your initial monthly payment. For credit cards, this is calculated as your minimum payment. Your monthly payment is calculated as the percent of your current outstanding balance you entered. Your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards.



Note: This information is for general use only. Use this information as part of a full research process. General financial advice does not always apply directly to individual financial matters. Please consult a financial expert with specific and complex questions about your individual situation.



About our Credit Card Minimum Payment Calculator

This credit card minimum payment calculator is just one of more than 30 personal finance calculators that we offer to consumers to help make knowledgeable decisions in all-important financial situations. Please use the credit card minimum payment calculator as part of a thorough research process. For more news, advice and resources, visit our knowledge center.


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Credit Card Minimum Payment Calculator