Minimum Payment Trap
Enter your balance, APR, and minimum payment percentage.
Minimum payment costs
0 yrs to pay off
Total interest: $0
Minimum payment time
0 yrs
Minimum payment interest
$0
Fixed payment time
0 yrs
Fixed payment interest
$0
Interest saved
$0
Time saved
0 yrs
Worked example
With the default inputs shown below, this calculator returns the following results:
| Input | Value |
|---|---|
| Credit card balance ($) | $5,000 |
| APR (%) | 22% |
| Minimum payment (%) | 2% |
| Fixed monthly payment ($) | $200 |
| Result | Value |
|---|---|
| Minimum payment costs | 83.3 yrs |
| Minimum payment time | 83.3 yrs |
| Minimum payment interest | $34,784 |
| Fixed payment time | 2.8 yrs |
| Fixed payment interest | $1,750 |
| Interest saved | $33,034 |
Values shown are produced by this page in your browser; change any input to update them.
How to use the Minimum Payment Trap
- Credit card balance ($) — default $5,000
- APR (%) — default 22%
- Minimum payment (%) — default 2%
- Fixed monthly payment ($) — default $200
- Press Calculate to update the results instantly.