Credit Card Minimum Payment Calculator
 
 

Credit Card Minimum Payment Calculator

This credit card minimum payment calculator figures how much interest you will end up paying and how long it will take to pay off your credit cards if you make only the minimum required payment. There are a couple of key points to keep in mind...

  • The calculator assumes you stop charging more so the balance stops rising due to spending.
  • Make sure to notice how it's not just the interest charges you pay that cost you so much, but it's also the interest you could be earning on those charges if you were investing them rather than paying them to the credit card company that hurts so bad.

If you're not sure what your minimum payment is just check the credit card disclosure statement and there should be language similar to "your minimum payment will be 2% of the balance or $10, whichever is higher."

Balance Owed:
Annual Interest Rate:
Minimum Percent Payment:
Minimum Dollar Payment:
Total Interest Paid:
Total # of Payments Made:
Years Until Debt Is Paid Off:
Foregone Interest Earnings:
Total Estimated Opportunity Cost:

 






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