Credit Card Minimum Payment & Interest Calculator

Are you paying only the minimums on your credit card debt each month? This calculator will show you how much interest you will end up paying if you make only the minimum required payment each month. It will also tell you how many years you’ll have to make those payments before your balance is paid off.

Directions:
All the information you need for this form may be found on your credit card disclosure statement. Enter the values in the appropriate fields and click the ‘Calculate' button.
Note: For the Minimum Payment field select:

• Always Pay if you always send the same amount regardless of what is due;
• Use payment and enter the minimum payment due (found on your credit card statement);
• 2 percent or 3 percent if you send payments based on a percentage of the debt.