If you have credit card debt and intend to make only the minimum payments, our calculator can help you understand how long it will take you to pay off your debt and the total payment amount. Enter your information in our tool below.
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How Long Will It Take To Pay Off Your Credit Card Debt By Making Only The Minimum Payments?
Credit card minimum payment calculator definitions
Credit card balance – The current balance on your credit card.
Credit card rate – The interest rate for your credit card. If the card offers a low promotional rate that is only good for a short duration, the period of time it will take to pay off the card by making minimum payments may be much greater.
Minimum payment – The percent of your outstanding balance that will be used to calculate your minimum monthly payment.
Monthly payment – Your initial monthly payment, calculated as the percentage of the outstanding balance you entered.
Balance payoff – Total amount of time it will take for you to pay off your credit card if you make only the minimum payments.
Total payments – The total amount it will cost you to pay off the debt if you use only minimum payments.