Minimum Payment Cost

Estimate a declining percentage minimum or a fixed payment.

Your numbers

Enter your numbers to see the result.

How Minimum Payment Cost works

For a declining minimum, each monthly payment is the greater of the entered floor and the chosen percentage of balance. A fixed payment can be compared with that schedule.

A worked example

These sample values illustrate the calculation. Use your own numbers in the calculator for your result.

Example inputs

Balance: 3000
APR (%): 22
Balance percentage paid each month (%): 3
Minimum dollar floor: 35
Fixed actual payment (0 uses formula): 0

Estimated payoff time: 133 months
Total interest: $3,533.83
Total paid: $6,533.83

Assumptions and limits

Rates, fees and contribution schedules are the assumptions you enter. This estimate does not include changes you have not entered.

Educational estimate only. This is not personalized financial, investment or tax advice.