Credit Card Minimum Payment Calculator

Use this calculator to determine how long it will take you to payoff your credit cards if you only make the minimum payments. Enter your credit card information below and press "view report" to see your payoff details.

Credit Card Minimum Payments

Minimum payments will take CURRENT_PAYOFF to payoff your debt.

You owe a total of OUTSTANDING_BALANCE having a total monthly payment of MONTHLY_PAYMENT. If you continue to make the minimum payments it will take you CURRENT_PAYOFF to payoff this debt. The total interest paid will be INTEREST_CURRENT.

**PAYOFF_ITEMS**

Debt Summary
&NBSP;	Balance	Interest Rate	Monthly Payment	Interest Owed	Total Payments	Time to Payoff	Payment Type
Totals	OUTSTANDING_BALANCE	AVERAGE_RATE	MONTHLY_PAYMENT	INTEREST_CURRENT	CURRENT_BALANCE	CURRENT_PAYOFF	&NBSP;

"> This Financial Calculator requires a Browser with Java(TM) applet Support. If you are seeing this message you will need to download SUN's Java(TM) Plug-in. This can be done simply, and automatically, by clicking the link below:

Get the Java(TM) Plug-in!

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.