Credit Card Minimum Payment Calculator
body {
font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif;
background-color: #f8f9fa;
color: #333;
line-height: 1.6;
margin: 0;
padding: 20px;
}
.loan-calc-container {
max-width: 800px;
margin: 40px auto;
background-color: #ffffff;
padding: 30px;
border-radius: 8px;
box-shadow: 0 4px 15px rgba(0, 0, 0, 0.1);
}
h1, h2 {
color: #004a99;
text-align: center;
margin-bottom: 20px;
}
.input-group {
margin-bottom: 20px;
display: flex;
flex-direction: column;
}
.input-group label {
display: block;
margin-bottom: 8px;
font-weight: bold;
color: #004a99;
}
.input-group input[type="number"],
.input-group input[type="text"] {
padding: 12px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 16px;
width: calc(100% – 24px); /* Adjust for padding */
}
.input-group input[type="number"]:focus,
.input-group input[type="text"]:focus {
border-color: #004a99;
outline: none;
box-shadow: 0 0 0 3px rgba(0, 74, 153, 0.2);
}
button {
display: block;
width: 100%;
padding: 12px 20px;
background-color: #004a99;
color: white;
border: none;
border-radius: 5px;
font-size: 18px;
font-weight: bold;
cursor: pointer;
transition: background-color 0.3s ease;
margin-top: 10px;
}
button:hover {
background-color: #003366;
}
#result {
margin-top: 30px;
padding: 20px;
background-color: #e7f3ff;
border: 1px solid #004a99;
border-radius: 5px;
text-align: center;
}
#result h3 {
margin-top: 0;
color: #004a99;
font-size: 20px;
}
#result-value {
font-size: 28px;
font-weight: bold;
color: #28a745;
}
.explanation {
margin-top: 40px;
padding: 25px;
background-color: #f1f8ff;
border-radius: 8px;
border: 1px solid #dee2e6;
}
.explanation h2 {
text-align: left;
color: #004a99;
margin-bottom: 15px;
}
.explanation p, .explanation ul {
margin-bottom: 15px;
color: #555;
}
.explanation strong {
color: #004a99;
}
.explanation h3 {
color: #004a99;
margin-top: 20px;
text-align: left;
font-size: 1.2em;
}
@media (max-width: 600px) {
.loan-calc-container {
padding: 20px;
}
h1 {
font-size: 24px;
}
button {
font-size: 16px;
}
#result-value {
font-size: 24px;
}
}
Credit Card Minimum Payment Calculator
Your Estimated Minimum Payment is:
$0.00
Understanding Your Credit Card Minimum Payment
Credit card companies are required by law to display your minimum payment on your monthly statement. This minimum payment is calculated based on a formula set by your card issuer, often involving a percentage of your outstanding balance plus any interest and fees, and a fixed minimum amount. While paying only the minimum might seem manageable, it can lead to significant long-term costs due to compounding interest.
How is the Minimum Payment Calculated?
The exact formula varies by credit card issuer, but a common approach is:
- Percentage of Balance: Typically 1% to 3% of your outstanding balance.
- Plus Interest and Fees: This includes the accrued interest for the billing cycle and any applicable fees (like late fees or over-limit fees).
- Fixed Minimum: A small fixed amount, often around $25, to ensure that even with a very low balance, you pay a reasonable amount.
The actual minimum payment will be the greater of the calculated amount (percentage + interest/fees) or the fixed minimum amount.
Example Formula (Commonly Used):
Minimum Payment = MAX( (Current Balance * Minimum Payment Percentage) + Interest & Fees, Fixed Minimum Payment )
Our calculator uses your provided inputs to estimate this.
Why You Should Pay More Than the Minimum
Paying only the minimum payment on your credit card debt can trap you in a cycle of debt. Interest charges accrue daily on your outstanding balance. When you only pay the minimum, a large portion of that payment often goes towards interest, with only a small amount reducing the principal balance.
Consider this: If you have a $5,000 balance at 18% APR and only pay the minimum (e.g., 1% of balance + interest), it could take over 15 years to pay off the debt, and you would end up paying thousands of dollars in interest. By paying even a little extra each month, you can drastically shorten the repayment period and save significantly on interest.
When is this Calculator Useful?
- Estimating Your Next Statement: Get a quick idea of what your minimum payment might be.
- Understanding Debt Payoff: See the potential impact of different minimum payment scenarios.
- Financial Planning: Use it as a tool to budget for credit card payments.
Disclaimer: This calculator provides an estimate based on common formulas. Your actual minimum payment may differ based on your specific credit card issuer's terms and conditions. Always refer to your credit card statement for the exact minimum payment due.
function calculateMinimumPayment() {
var currentBalance = parseFloat(document.getElementById("currentBalance").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var minimumPaymentPercent = parseFloat(document.getElementById("minimumPaymentPercent").value);
var fixedMinimum = parseFloat(document.getElementById("fixedMinimum").value);
var resultDiv = document.getElementById("result");
var resultValueDiv = document.getElementById("result-value");
resultDiv.style.display = 'block'; // Make sure the result div is visible
if (isNaN(currentBalance) || currentBalance < 0 ||
isNaN(interestRate) || interestRate < 0 ||
isNaN(minimumPaymentPercent) || minimumPaymentPercent < 0) {
resultValueDiv.textContent = "Invalid input. Please enter valid numbers.";
resultValueDiv.style.color = "#dc3545"; // Red for error
return;
}
// Calculate monthly interest rate
var monthlyInterestRate = interestRate / 100 / 12;
// Calculate interest accrued for the month
var interestCharged = currentBalance * monthlyInterestRate;
// Calculate the percentage-based portion of the minimum payment
var percentagePayment = currentBalance * (minimumPaymentPercent / 100);
// Calculate the total potential minimum payment before considering the fixed minimum
var calculatedMinimum = percentagePayment + interestCharged;
// Determine the final minimum payment
var finalMinimumPayment;
if (isNaN(fixedMinimum) || fixedMinimum currentBalance) {
finalMinimumPayment = currentBalance;
}
// Format the result to two decimal places
resultValueDiv.textContent = "$" + finalMinimumPayment.toFixed(2);
resultValueDiv.style.color = "#28a745"; // Green for success
}