Free credit card calculator
Estimate how long minimum payments could take, how much interest you may pay, and how extra monthly payments can reduce your repayment time.
A minimum payment is the smallest amount an issuer requires for a billing cycle. It is not a universal formula, and paying only that amount can produce a long repayment timeline.
Interest is added to the balance before the payment in this calculator. The payment covers that interest first, and only the remaining amount reduces principal. When the difference is small, the balance falls slowly.
This tool uses a simplified monthly rate equal to APR divided by 12. Interest is calculated from the current balance each month. Real statements may use a daily periodic rate and different transaction timing.
Some issuers use a percentage of balance, while others add interest and fees to a smaller principal percentage. Most also apply a dollar floor. Your card agreement and latest statement are the authoritative sources.
An extra payment reduces principal beyond the calculated minimum. Under the same APR and without new purchases, that lower balance can reduce later interest and move the estimated debt-free date forward.
Answers about issuer formulas, changing minimums, extra payments, payoff accuracy, and slow balance reduction.
Credit card issuers commonly use a percentage of the current balance, a percentage plus monthly interest and fees, a fixed floor, or a similar formula. This calculator lets you compare representative formulas, but your statement and card agreement control the actual required payment.
Percentage-based minimum payments usually decline as the balance falls. Interest, fees, new purchases, issuer floors, and formula changes can also change the amount shown on a future statement.
Yes. The optional extra payment field models an amount paid in addition to the calculated minimum. Paying more may reduce principal sooner, shorten the estimated timeline, and reduce future interest.
The calculator uses APR divided by 12 and applies one monthly interest charge before each payment. Actual issuers may use daily periodic rates, average daily balances, fees, different billing-cycle lengths, and other allocation rules.
No. Minimum payment formulas and floors vary by issuer, card agreement, account status, fees, and jurisdiction. Use the custom option when your statement describes a different percentage and floor.
Interest is paid before principal in this simplified model. When the minimum is only slightly larger than monthly interest, little principal is removed, and a declining percentage-based payment can stretch the final part of repayment.
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