Credit Card Minimum Payment Calculator
- Credit card balance
- Remaining balance on the credit card.
- Credit card rate
- Rate of interest applicable on your credit card loan. If this rate is comparatively lower, your term length to repay the loan will be comparatively higher.
- Minimum payment
- Percentage of the outstanding credit balance that should be paid at minimum. But this amount can’t be less than 15. The more you pay each month, the shorter will the payoff time become.
- Monthly payment
- The amount of initial monthly payment. This amount is calculated on the outstanding credit balance as a percentage rate.
- Balance payoff
- Total time it will take to fully pay off the credit card loan if you make only the minimum monthly payments.
- Total payments
- Total dollar amount you should pay on the credit card loan if you pay off the loan by minimum payments only. As the minimum payment increases the repayment time, it will increase the amount of interest and total dollar payments.