§ Tool · tier 1 · independent
Minimum Payment Calculator.
See how long it takes to pay off debt with minimum payments only
CalculatorFree, no signupOn-deviceupd May 2026
Inputs
Your numbers
Awaiting inputs
Move the sliders or type in the form on the left — the math updates live as you go. Click Get AI verdict when you want a written analysis.
The minimum payment trap is real. Banks design minimums to maximize their interest income. This calculator shows you the shocking truth about paying only the minimum.
§ Worked examples
Real-world scenarios
Minimum Payment Trap
$5,000 balance at 20% APR, paying 2% minimum (starts at $100, decreases over time).
Inputs
balance:5,000rate:20min:2%
Time to payoff: 27 years! Total interest: $8,396. You'd pay $13,396 for a $5,000 balance. With fixed $200/month: 2.5 years, $1,364 interest.
§ FAQ
Questions Australians ask
§ GlossaryMinimum Payment The smallest amount you must pay monthly to avoid late fees, usually 2-3% of balance or $25. Principal The original amount borrowed, excluding interest. Minimum payments barely touch this. Amortization How payments are split between interest and principal over time.