First 100 join freeJoin →

Skip to content

Minimum payment calculator

Paying only the minimum keeps your account in good standing, but the minimum shrinks with the balance, so payoff can take years.

Reviewed by Alex Thomas · Updated Nov 5, 2026

Paying only the minimum, starting at $90.00, takes 183 months and costs $4,886.93 in interest. Keep paying $90.00 every month and you're done in 56 months.

Each issuer sets its own formula; interest plus 1% of the balance, with a $25 to $40 floor, is common. Check your card agreement or statement.

Minimum only

183 months

Interest$4,886.93

Fixed at your first payment ($90.00)

Time56 months
Interest$1,993.25

Your statement must show how long minimum payments would take, and the monthly payment that clears the balance in 36 months.

Ask members who've been there

Questions

What happens if I only pay the minimum on my credit card?
You avoid late fees and keep the account current, but most of each payment goes to interest. A balance can take many years to clear and cost more than you borrowed.
How is the minimum payment calculated?
It's set by your card agreement. A common formula is the month's interest and fees plus 1% of the balance, or a flat amount like $25 or $35, whichever is higher.
Does paying the minimum hurt my score?
Paying on time helps your payment history. A high balance relative to your limit, though, keeps utilization high, which can hold your score down.

Related guides and answers

Cards

US credit card for non-residents: how to get one with an ITIN

Which issuers take an ITIN instead of an SSN, the secured cards that approve you with no US history, and the two ways to bring your credit history from home.

Updated 6 min read

Read guide →
Credit

How to check your credit score with an ITIN

Equifax is the only bureau that takes an ITIN online. How to see your free Equifax score, get all three bureau reports in one place, and request the rest by mail.

Updated 5 min read

Read guide →

Other tools

Cards

Credit card payoff calculator

Enter your balance, APR and monthly payment to see how many months it takes to pay off your credit card, the total interest, and what it takes to finish in 12, 24 or 36 months.

36 months at $200/mo

Try it →
Cards

Credit card interest calculator

See how much interest your credit card charges per day and per billing cycle from your balance and APR, using the daily periodic rate many issuers use.

$37.79 interest in 30 days

Try it →
Credit

Debt-to-income ratio calculator

Add your monthly debt payments and gross income to get your debt-to-income ratio, and see how it compares with common lender limits, including ITIN mortgages.

34% DTI

Try it →
Credit

Debt snowball vs avalanche calculator

List your debts and your monthly budget to compare the snowball method (smallest balance first) with the avalanche method (highest interest first).

Debt-free in 23 months

Try it →

Sources

  1. CFPB — The minimum payment warning on your statementconsumerfinance.gov
  2. CFPB — Know you owe: credit cardsconsumerfinance.gov
  3. CFPB — How does my credit card company calculate interest?consumerfinance.gov

Join ITIN Club — it's free

Ask members who've already done it, follow the first-year course step by step, and message other members directly. No SSN needed.

Founding 100