Credit Card Minimum Payment Calculator


The High Cost Of Credit Card Minimum Payments

This calculator shows how much interest you will end up paying if you make only the minimum required payment on your credit card bill – assuming, of couse, that you stop charging any more to it. The shock value of these figures will hopefully motivate you to get out of debt so that you can start funding your retirement instead of the credit card company executives retirement. And as you will see the real cost of this debt is not just the interest you pay but the lost interest you could have earned.

Somewhere in your credit card disclosure statement the card company will tell you something like "your minimum payment will be 2% of the balance or $10, whichever is higher." These are the figures you will enter in Row #3 and Row #4 respectively.


Enter the dollar amount charged:

Enter the annual interest rate:

(3) Enter the minimum percent payment amount:

(4) Enter the minimum dollar payment amount:

Total interest charges you will pay:

Total number of payments you will make:

Total number of years until debt is paid off:

Estimated foregone interest earnings:

Total Estimated Opportunity Cost:


We have many more financial and retirement calculators for you to use – all for free. Click these links for our directory of financial calculators or retirement calculators.


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