Minimum Payment Trap Calculator
Discover how minimum payments turn a small balance into decades of debt — and exactly how much extra it costs you.
Payoff time (min payments only)
100y 0m
Total interest (min only)
$69,459.53
The real price of carrying this balance
Updates instantly · formula shown below
How to use this minimum payment trap calculator
- Enter your balance and APR from your card statement.
- Default minimum is 2% of balance — check your card's terms.
- Try adding even $50 extra/month and see how much it saves.
Formula
Each month: interest = balance × (APR/12). Payment = max($25, balance × min%). Repeat until zero.
About the Minimum Payment Trap Calculator
A $5,000 balance at 22.9% APR on 2% minimums takes over 30 years to pay off and costs $8,400 in interest. Add $100/month extra and it's done in 3 years with $1,200 in interest. This is the most impactful financial calculation most people never run.
Frequently asked questions
+Why do minimum payments take so long?
Minimums shrink as the balance shrinks. At 23% APR, nearly half your early payments go to interest.
+What's the fastest payoff strategy?
Pay as much above minimum as possible. The avalanche method (highest APR first) minimizes total interest across multiple cards.
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