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Credit Card Minimum Payment Calculator for Calculating Payments and Interest Charges

Calculator Preferences
Credit Card Minimum Payment Calculator Sign
Credit Card Minimum Payment Calculator

This calculator will calculate the monthly minimum payment and total interest charges based on the percentage method used by your card company. Also includes an eye-opening work-hour cost feature that will help you break the habit of making only the minimum payment, and an optional monthly principal and interest breakdown chart. The Alert tab includes:

  • Mock credit card company board meeting.
  • Land of the free?
  • Minimum payment, maximum sentence.
Learn More

Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Balance:Current balance:Current balance:Current balance:

Current balance:

Enter the current balance on your credit card, without the dollar sign and any commas. If you have added any charges to your card since your last statement, be sure to include those as well (you can use the "Pocalc", or "Pocket Calc" to add them up).

Rate:Rate:Finance charge percent:Annual finance charge percentage:

Annual finance charge percentage:

Enter the annual interest rate you are being charged by the credit card company. Enter as a percentage but without the percent sign (for .1899 or 18.99%, enter 18.99).

Minimum payment method:

Minimum payment method:

From the drop-down menu below, select the method the credit card company is using to calculate your monthly minimum payments (call and ask if not explained on your statement). If you choose the 2nd option (Enter % -->), go ahead and enter a custom percentage in the field provided.

Minimum $:Minimum $ amt:Smallest minimum pmt allowed:Smallest minimum payment allowed:

Smallest minimum payment allowed:

Enter the lowest allowable minimum payment without the dollar sign. For example, if your credit card company states your payment will be 2% of the balance, or $15, whichever is greater, enter 15 in the field provided.

RHW:RHW:Real hourly wage (optional):Real hourly wage (optional):

Real hourly wage:

Optional: If you want to see how many hours you will need to allocate to work just to pay the interest charges on your credit card, enter your real hourly wage in the field provided. Otherwise leave blank. Note: If you click on the link, the Real Hourly Wage Calculator will open in a new window.

Schedule?Incl schedule?Include amortization schedule?Include amortization schedule?

Include amortization schedule?

If you would like the results to include an amortization schedule, move the slider control to the "Yes" position.

Min pmt:Minimum pmt:Current minimum payment:Current minimum payment:

Current minimum payment:

This is your current minimum payment, which will decrease as your balance decreases.

Tot interest:Total interest:Total interest charges:Total minimum payment interest charges:

Total minimum payment interest charges:

This is how much interest you will pay on your credit card if you only make the minimum payments between now and when you make your final minimum payment.

# of pmts:# of payments:Number of payments:Number of minimum payments before payoff:

Number of minimum payments before payoff:

This is how many minimum monthly payments you will make between now and when you make your final minimum payment.

Work hours:# of work hrs:Number of work hours:Work hours required to pay interest charges:

Work hours required to pay interest charges:

This is how many hours you will need to allocate to working just to pay the interest charges on this credit card -- provided you don't add any new charges to the card.

If you would like to save the current entries to the secure database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

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Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.



Add or remove this page to/from my favorites.

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.