Minimum Payment Calculator
See how long it takes to clear a card balance at a fixed monthly payment — and why paying only the minimum costs so much.
Your details
Time to pay off
4 yrs 4 mos
- Total interest
- $2,798.05
- Total paid
- $7,798.05
Principal vs interest
- Principal
- $5,000.0064%
- Interest
- $2,798.0536%
Time to pay off4 yrs 4 mos
Formula
Each month interest is added at APR/12, then your payment reduces the balance. Payments below the monthly interest never clear the debt.
Sources & methodology
- •CFPB — credit card debt — CFPB
Last updated: 2026-07-19
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