Minimum Payment Calculator
Updated on 22 Oct 2026 · Checked by Aotob
Paying only the minimum on $5,000 takes 19 years 4 months.
It costs $8,454 in interest, because the minimum shrinks as the balance does.
Paying the minimum takes
19.3years
Fixing your payment at today’s minimum saves $5,222 and 14 years 7 months.
Show the working
Minimum = interest + 1% of the balance, at least 25
Repeated each month until the balance is 0: 232 months
Fixed payments instead
| Payment | Time | Interest |
|---|---|---|
| 145 | 4 years 9 months | 3,231 |
| 218 | 2 years 7 months | 1,640 |
| 291 | 1 year 10 months | 1,117 |
| 436 | 1 year 2 months | 697 |
Questions people ask
How is the minimum payment set?
Usually interest plus 1% of the balance, or a flat 1% to 3% of the balance, with a floor such as $25 or £5. It falls as the balance falls, which is why it takes so long.
Why does paying the minimum take so long?
Most of each payment is interest at first, and the payment shrinks with the balance, so the debt tails off slowly.
What is the quickest fix?
Fix your payment at today’s minimum instead of letting it fall. That alone usually cuts years off.
Updated 22 Oct 2026Source: Standard financial maths (time value of money)Checked by AotobAssumes no new spending and a fixed APR. Not financial advice.Report an issue