Home > Financial Resources > Calculators > Interest on Minimum Payments

Interest Amount on Minimum Payments

This calculator will show you how much interest you will end up paying if you make only the minimum required payment on your credit card bill -- that is, assuming you stop charging any more to it. As you will see from the calculated results, it's not just the interest charges you're losing, you're also losing the interest you could be earning on those charges if you were investing them rather than paying them to the credit card company!

In your credit card disclosure statement the card company will tell you something like "your minimum payment will be 2% of the balance or $10, whichever is higher." These are the figures you will enter in Row #3 and Row #4 respectively.

Enter the dollar amount charged:
Enter the annual interest rate:
(3) Enter the minimum percent payment amount:
(4) Enter the minimum dollar payment amount:

Total interest charges you will pay:
Total number of payments you will make:
Total number of years until debt is paid off:
Estimated foregone interest earnings:
Total Estimated Opportunity Cost:
Summary:

Home • About Us • Privacy & Security • Careers • Site Map • Contacts

Operated by Bank of America, N.A. Member FDIC. Equal Credit Opportunity

Currency ExchangeNote Rates displayed reflect local currency rates, and are applicable if the currency exchange is performed in that country. For example, the rate for GBP is the rate offered if purchased in the United Kingdom.

Currency:

Symbol:

U.S. Buys:	0.0000

Currency Cost Unit:	$ 0.0000

Date Effective:	01/07/2009