The Real Cost of Paying Only The Minimum

Do you pay of just the minimum payments every month for your credit cards? It can cost you much much more than what you think.

Every credit card holder has to pay a certain minimum amount to the credit card company on his credit card outstanding balances. This minimum payment is calculated as a percentage of the current balance. As the balance is paid off the minimum payment drops. People feel comfortable with minimum payments and this makes huge money for the credit card companies.

Fill in the information into our The Real cost of paying only the minimum calculator below and find out yourself how much money you'll shell out to the credit card company if continue to pay just the monthly minimum.

  The Real Cost of Paying Only The Minimum  
Current Debt: APR: How is your minimum payment calculated? Minimum Monthly Payment:  
$ $

  Calculation Results & Suggestions:  

Sample Result

Month Minimum Payment($) Monthly Interest($) Principal Paid($) Balance($)
1. 25.00 15.00 10.00 990.00
2. 24.75 14.85 9.90 980.10
3. 24.50 14.70 9.80 970.30
4. 24.26 14.55 9.71 960.59
5. 24.01 14.41 9.60 950.99
6. 23.77 14.27 9.50 941.49
7. 23.54 14.12 9.42 932.07
8. 23.30 13.98 9.32 922.75
9. 23.07 13.84 9.23 913.52
10. 22.84 13.70 9.14 904.38
11. 22.61 13.57 9.04 895.34
12. 22.38 13.43 8.95 886.39
13. 22.16 13.30 8.86 877.53
14. 21.94 13.16 8.78 868.75
15. 21.72 13.03 8.69 860.06
16. 21.50 12.90 8.60 851.46
17. 21.29 12.77 8.52 842.94
18. 21.07 12.64 8.43 834.51
19. 20.86 12.52 8.34 826.17
20. 20.65 12.39 8.26 817.91
21. 20.45 12.27 8.18 809.73
22. 20.24 12.15 8.09 801.64
23. 20.04 12.03 8.01 793.63
24. 19.84 11.90 7.94 785.69
25. 19.64 11.78 7.86 777.83
26. 19.45 11.67 7.78 770.05
27. 19.25 11.55 7.70 762.35
28. 19.06 11.44 7.62 754.73
29. 18.87 11.32 7.55 747.18
30. 18.68 11.21 7.47 739.71
31. 18.49 11.10 7.39 732.32
32. 18.31 10.99 7.32 725.00
33. 18.13 10.88 7.25 717.75
34. 17.94 10.77 7.17 710.58
35. 17.76 10.66 7.10 703.48
36. 17.59 10.55 7.04 696.44
37. 17.41 10.45 6.96 689.48
38. 17.24 10.34 6.90 682.58
39. 17.06 10.24 6.82 675.76
40. 16.89 10.14 6.75 669.01
41. 16.73 10.04 6.69 662.32
42. 16.56 9.94 6.62 655.70
43. 16.39 9.84 6.55 649.15
44. 16.23 9.74 6.49 642.66
45. 16.07 9.64 6.43 636.23
46. 15.91 9.54 6.37 629.86
47. 15.75 9.45 6.30 623.56
48. 15.59 9.35 6.24 617.32
49. 15.43 9.26 6.17 611.15
50. 15.28 9.17 6.11 605.04
51. 15.13 9.08 6.05 598.99
52. 14.97 8.99 5.98 593.01
53. 14.83 8.90 5.93 587.08
54. 14.68 8.81 5.87 581.21
55. 14.53 8.72 5.81 575.40
56. 14.39 8.63 5.76 569.64
57. 14.24 8.55 5.69 563.95
58. 14.10 8.46 5.64 558.31
59. 13.96 8.38 5.58 552.73
60. 13.82 8.29 5.53 547.20
61. 13.68 8.21 5.47 541.73
62. 13.54 8.13 5.41 536.32
63. 13.41 8.05 5.36 530.96
64. 13.27 7.96 5.31 525.65
65. 13.14 7.89 5.25 520.40
66. 13.01 7.81 5.20 515.20
67. 12.88 7.73 5.15 510.05
68. 12.75 7.65 5.10 504.95
69. 12.62 7.57 5.05 499.90
70. 12.50 7.50 5.00 494.90
71. 12.37 7.42 4.95 489.95
72. 12.25 7.35 4.90 485.05
73. 12.13 7.28 4.85 480.20
74. 12.01 7.20 4.81 475.39
75. 11.88 7.13 4.75 470.64
76. 11.77 7.06 4.71 465.93
77. 11.65 6.99 4.66 461.27
78. 11.53 6.92 4.61 456.66
79. 11.42 6.85 4.57 452.09
80. 11.30 6.78 4.52 447.57
81. 11.19 6.71 4.48 443.09
82. 11.08 6.65 4.43 438.66
83. 10.97 6.58 4.39 434.27
84. 10.86 6.51 4.35 429.92
85. 10.75 6.45 4.30 425.62
86. 10.64 6.38 4.26 421.36
87. 10.53 6.32 4.21 417.15
88. 10.43 6.26 4.17 412.98
89. 10.32 6.20 4.12 408.86
90. 10.22 6.13 4.09 404.77
91. 10.12 6.07 4.05 400.72
92. 10.02 6.01 4.01 396.71
93. 10.00 5.95 4.05 392.66
94. 10.00 5.89 4.11 388.55
95. 10.00 5.83 4.17 384.38
96. 10.00 5.77 4.23 380.15
97. 10.00 5.70 4.30 375.85
98. 10.00 5.64 4.36 371.49
99. 10.00 5.57 4.43 367.06
100. 10.00 5.51 4.49 362.57
101. 10.00 5.44 4.56 358.01
102. 10.00 5.37 4.63 353.38
103. 10.00 5.30 4.70 348.68
104. 10.00 5.23 4.77 343.91
105. 10.00 5.16 4.84 339.07
106. 10.00 5.09 4.91 334.16
107. 10.00 5.01 4.99 329.17
108. 10.00 4.94 5.06 324.11
109. 10.00 4.86 5.14 318.97
110. 10.00 4.78 5.22 313.75
111. 10.00 4.71 5.29 308.46
112. 10.00 4.63 5.37 303.09
113. 10.00 4.55 5.45 297.64
114. 10.00 4.47 5.53 292.11
115. 10.00 4.38 5.62 286.49
116. 10.00 4.30 5.70 280.79
117. 10.00 4.21 5.79 275.00
118. 10.00 4.13 5.87 269.13
119. 10.00 4.04 5.96 263.17
120. 10.00 3.95 6.05 257.12
121. 10.00 3.86 6.14 250.98
122. 10.00 3.77 6.23 244.75
123. 10.00 3.67 6.33 238.42
124. 10.00 3.58 6.42 232.00
125. 10.00 3.48 6.52 225.48
126. 10.00 3.38 6.62 218.86
127. 10.00 3.28 6.72 212.14
128. 10.00 3.18 6.82 205.32
129. 10.00 3.08 6.92 198.40
130. 10.00 2.98 7.02 191.38
131. 10.00 2.87 7.13 184.25
132. 10.00 2.76 7.24 177.01
133. 10.00 2.66 7.34 169.67
134. 10.00 2.55 7.45 162.22
135. 10.00 2.43 7.57 154.65
136. 10.00 2.32 7.68 146.97
137. 10.00 2.20 7.80 139.17
138. 10.00 2.09 7.91 131.26
139. 10.00 1.97 8.03 123.23
140. 10.00 1.85 8.15 115.08
141. 10.00 1.73 8.27 106.81
142. 10.00 1.60 8.40 98.41
143. 10.00 1.48 8.52 89.89
144. 10.00 1.35 8.65 81.24
145. 10.00 1.22 8.78 72.46
146. 10.00 1.09 8.91 63.55
147. 10.00 0.95 9.05 54.50
148. 10.00 0.82 9.18 45.32
149. 10.00 0.68 9.32 36.00
150. 10.00 0.54 9.46 26.54
151. 10.00 0.40 9.60 16.94
152. 10.00 0.25 9.75 7.19
153. 7.30 0.11 7.19 0.00
Total: Interest Paid   $1115.69 Amount Paid   $2115.69 $0.00