Minimum Payment Calculator
Calculate how long it will take to pay off your credit card debt by making only minimum payments, and see how much interest you will pay.
Minimum Payment
Long Payoff Period
It will take 11.3 years to pay off this debt with minimum payments. Consider paying more each month to eliminate debt faster.
Huge Savings Opportunity!
Pay $150/month instead of minimum and save $1,472 in interest! You'll be debt-free 7.3 years earlier.
Monthly rate: 1.6%
Debt Summary
Fixed Payment Impact
Aggressive Payment Impact
Minimum Payment Dangers
- Interest trap: Minimum payments barely cover interest, keeping you in debt for years
- Cost multiplier: You can end up paying 2-3x the original balance in interest
- Pay more: Even $50 extra per month makes a huge difference
- Stop new charges: Can't dig out of a hole while still digging
- Target high APR: Pay off highest interest rate debts first
- Balance transfer: Consider 0% APR card to save on interest
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