Credit Card Minimum Payment Calculator

Paying only the minimum due on a credit card keeps your account in good standing, but because credit card interest rates are typically very high, it can take years to clear even a modest balance and cost far more than the original purchase amount. This calculator makes that cost visible.

How to Use This Calculator

1. Enter your current outstanding balance.
2. Enter your card's annual interest rate.
3. Enter the minimum payment rule your issuer uses (commonly a percentage of the balance, subject to a minimum rupee amount).
4. View the estimated months to clear the balance and total interest paid.

How the Calculation Works

Each month, interest is added to the outstanding balance, the minimum payment (a percentage of the balance, or a fixed floor amount, whichever is higher) is subtracted, and the process repeats until the balance reaches zero: Balance(month n) = Balance(month n−1) × (1 + monthly rate) − Minimum Payment(month n).

Worked Example

See the calculator above with your card's actual balance, interest rate and minimum payment rule — because credit card interest rates and minimum payment percentages vary significantly by issuer, there is no single representative example.

Who Should Use This

Anyone carrying a credit card balance who wants to understand the real cost of paying only the minimum, before deciding to pay more or explore a lower-cost EMI or personal loan alternative.

Important Considerations

This calculator assumes no new spending is added to the card while repaying, and a constant interest rate. Real card statements may include additional fees, cash advance charges, or a changing minimum-payment formula that can extend the payoff time further.

Common Mistakes

Assuming the minimum payment is mostly reducing your balance is a costly misconception — with high card interest rates, a large share of the minimum payment can go toward interest, especially early on, so the balance shrinks very slowly.