{"id":540106,"date":"2024-08-15T16:27:40","date_gmt":"2024-08-15T15:27:40","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=540106"},"modified":"2025-09-04T15:33:15","modified_gmt":"2025-09-04T14:33:15","slug":"credit-card-minimum-repayment-calculator","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/credit-cards\/credit-card-minimum-repayment-calculator","title":{"rendered":"Credit card minimum repayment calculator"},"content":{"rendered":"<p>If you only make the minimum required payments on your credit card bill, you could stay in debt for years. Instead, see whether you could clear your balance more quickly (and pay less in interest overall) by paying a fixed amount each month.<\/p><p>You could also consider a <a href=\"https:\/\/www.finder.com\/uk\/credit-cards\/balance-transfer-credit-cards\">0% balance transfer credit card<\/a> to pay off your credit card debt even more quickly and potentially save thousands.<\/p><article class=\"luna-card luna-card--border\">\n<div class=\"luna-card__block\">\n<form class=\"luna-form\" onsubmit=\"return false\">\n<fieldset class=\"luna-form__fieldset\">\n\n<h4>Your current credit card debt<\/h4>\n\n<div class=\"luna-form__group\">\n\n<div class=\"luna-form__field\" id=\"ukfininput1field\">\n<label class=\"luna-label luna-label--fluid\" for=\"ukfininput1\">Current balance<\/label>\n<div class=\"luna-affix\">\n<span class=\"luna-affix__label\">\u00a3<\/span>\n<input class=\"luna-input\" type=\"number\" step=\"any\" placeholder=\"Enter amount\" id=\"ukfininput1\">\n<\/div>\n<\/div>\n<\/div>\n\n<div class=\"luna-form__group\">\n<div class=\"luna-form__field\" id=\"ukfininput2field\">\n<label class=\"luna-label luna-label--fluid\" for=\"ukfininput2\">Annual interest rate<\/label>\n<div class=\"luna-affix\">\n<input class=\"luna-input\" type=\"number\" step=\"any\" placeholder=\"Enter percentage\" id=\"ukfininput2\">\n<span class=\"luna-affix__label\">%<\/span>\n<\/div>\n<\/div>\n<\/div>\n\n<hr \/>\n\n<h4>Pay a set amount each month...<\/h4>\n\n<div class=\"luna-form__group\">\n<div class=\"luna-form__field\" id=\"ukfininput3field\">\n<label class=\"luna-label luna-label--fluid\" for=\"ukfininput3\">Monthly payment<\/label>\n<div class=\"luna-affix\">\n<span class=\"luna-affix__label\">\u00a3<\/span>\n<input class=\"luna-input\" type=\"number\" step=\"any\" placeholder=\"Enter amount\" id=\"ukfininput3\">\n<\/div>\n<\/div>\n<\/div>\n\n<hr \/>\n\n<h4>...or pay only your card's minimum repayment<\/h4>\n\n<div class=\"luna-form__group\">\n<div class=\"luna-form__field\" id=\"ukfininput4field\">\n<label class=\"luna-label luna-label--fluid\" for=\"ukfininput4\">% of outstanding balance<\/label>\n<div class=\"luna-affix\">\n<input class=\"luna-input\" type=\"number\" step=\"any\" placeholder=\"Enter percentage\" id=\"ukfininput4\">\n<span class=\"luna-affix__label\">%<\/span>\n<\/div>\n<\/div>\n\n<div class=\"luna-form__field\" id=\"ukfininput5field\">\n<label class=\"luna-label luna-label--fluid\" for=\"ukfininput5\">Minimum amount<\/label>\n<div class=\"luna-affix\">\n<span class=\"luna-affix__label\">\u00a3<\/span>\n<input class=\"luna-input\" type=\"number\" step=\"any\" placeholder=\"Enter amount\" id=\"ukfininput5\">\n<\/div>\n<\/div>\n<\/div>\n\n<div class=\"luna-form__group\">\n<div class=\"luna-form__actions\">\n<button class=\"luna-button luna-button--primary\" onclick=\"ukccfShowResults();\">Calculate<\/button>\n<\/div>\n<\/div>\n\n<\/fieldset>\n<\/form>\n\n\n<article class=\"luna-card luna-card--alt has-margin-top-small\">\n<div class=\"luna-card__block text-x-large\" id=\"resultmessage\">Complete the fields above to see your calculation.<\/div>\n<\/article>\n\n<\/div>\n<\/article>\n\n\n\n\n\n\n\n\n<script>\n\nfunction ukccfShowResults() {\n\nvar ukfininput1 = document.getElementById(\"ukfininput1field\");\nvar ukfininput2 = document.getElementById(\"ukfininput2field\");\nvar ukfininput3 = document.getElementById(\"ukfininput3field\");\nvar ukfininput4 = document.getElementById(\"ukfininput4field\");\nvar ukfininput5 = document.getElementById(\"ukfininput5field\");\n\nvar balance = Number(document.getElementById(\"ukfininput1\").value);\nvar interestRate = Number(document.getElementById(\"ukfininput2\").value);\nvar monthlyRepayment = Number(document.getElementById(\"ukfininput3\").value);\nvar minPercentage = Number(document.getElementById(\"ukfininput4\").value);\nvar minAmount = Number(document.getElementById(\"ukfininput5\").value);\n\nvar resultmessage = document.getElementById(\"resultmessage\");\nresultmessage.innerHTML = '';\n\nvar debtgrowing = 0;\nvar debtgrowingMin = 0;\nvar balanceMin = balance;\nvar numberOfMonthsMin = 0;\nvar monthlyRepaymentMin = 0;\nvar numberOfMonths = 0;\nvar numberOfMonthsMin = 0;\nvar mnthlyeffrt = (((interestRate \/ 100) + 1) ** (1 \/ 12)) - 1;\nvar totalInterest = 0;\nvar interest = 0;\nvar totalInterestMin = 0;\nvar interestMin = 0;\n\n\nif (balance > 0 && interestRate > 0 && (monthlyRepayment > 0 || (minPercentage > 0 && minAmount > 0))) {\n\ntry { ukfininput1.classList.remove('is-invalid'); ukfininput2.classList.remove('is-invalid'); ukfininput3.classList.remove('is-invalid'); ukfininput4.classList.remove('is-invalid'); ukfininput5.classList.remove('is-invalid'); } catch { }\n\n\n\n\n\n\nfor (var i = 0; i < 121; i++) {\n\nif (monthlyRepayment > 0 && balance > 0) {\ninterest = balance * mnthlyeffrt;\nif (interest > monthlyRepayment) { debtgrowing = 1; }\nif (((minPercentage == 0 && minAmount == 0) || debtgrowingMin == 1) && debtgrowing == 1) { break; }\ntotalInterest = totalInterest + interest;\nbalance = balance + interest - monthlyRepayment;\nnumberOfMonths++;\n}\n\nif (minPercentage > 0 && minAmount > 0 && balanceMin > 0) {\ninterestMin = balanceMin * mnthlyeffrt;\ntotalInterestMin = totalInterestMin + interestMin;\nbalanceMin = balanceMin + interestMin;\nif (((minPercentage \/ 100) * balanceMin) > minAmount) { \nmonthlyRepaymentMin = ((minPercentage \/ 100) * balanceMin);\n} else {\nmonthlyRepaymentMin = minAmount;\n}\nbalanceMin = balanceMin - monthlyRepaymentMin;\nif (interestMin > monthlyRepaymentMin) { debtgrowingMin = 1; }\nif ((monthlyRepayment == 0 || debtgrowing == 1) && debtgrowingMin == 1) { break; }\nnumberOfMonthsMin++;\n}\n\nif (balance < 0 && balanceMin < 0) { break; }\n\n}\n\n\n\n\n\nif (monthlyRepayment > 0) {\nif (debtgrowing == 1) {\nresultmessage.innerHTML = \"Based on paying \" + monthlyRepayment.toLocaleString(\"en-GB\", {style:\"currency\", currency:\"GBP\",minimumFractionDigits: 0}) + \" each month, the interest would outweigh your repayments, so your debt would grow over time and never clear. \";\n} else {\nvar payoffYears = numberOfMonths \/ 12;\npayoffYears = Math.floor(payoffYears);\nvar payoffMonths = numberOfMonths - (payoffYears * 12);\nvar timeLengthsyears = payoffYears + ' years';\nif (payoffYears == 0) { timeLengthsyears = ''; } else if (payoffYears == 1) { timeLengthsyears = payoffYears + ' year'; }\nvar timeLengthsmonths = payoffMonths + ' months';\nif (payoffMonths == 0) { timeLengthsmonths = ''; } else if (payoffMonths == 1) { timeLengthsmonths = payoffMonths + ' month'; }\nvar timeLengths = timeLengthsyears + ' and ' + timeLengthsmonths;\nif (timeLengthsyears == '' || timeLengthsmonths == '') { timeLengths = timeLengthsyears + timeLengthsmonths; }\nresultmessage.innerHTML = \"Based on paying \" + monthlyRepayment.toLocaleString(\"en-GB\", {style:\"currency\", currency:\"GBP\",minimumFractionDigits: 0}) + \" each month, you'll be debt free in \" + timeLengths + \"! Overall it will cost you \" + totalInterest.toLocaleString(\"en-GB\", {style:\"currency\", currency:\"GBP\",minimumFractionDigits: 2}) + \" in interest. You could consider a 0% balance transfer deal to avoid paying that interest. \";\n}\n}\n\n\nif (minPercentage > 0 && minAmount > 0) {\nif (debtgrowingMin == 1) {\nresultmessage.innerHTML += \"The minimum repayment details you've given don't seem right, because your debt would grow over time and never clear.\";\n} else {\nvar payoffYearsMin = numberOfMonthsMin \/ 12;\npayoffYearsMin = Math.floor(payoffYearsMin);\nvar payoffMonthsMin = numberOfMonthsMin - (payoffYearsMin * 12);\nvar timeLengthsyearsMin = payoffYearsMin + ' years';\nif (payoffYearsMin == 0) { timeLengthsyearsMin = ''; } else if (payoffYearsMin == 1) { timeLengthsyearsMin = payoffYearsMin + ' year'; }\nvar timeLengthsmonthsMin = payoffMonthsMin + ' months';\nif (payoffMonthsMin == 0) { timeLengthsmonthsMin = ''; } else if (payoffMonthsMin == 1) { timeLengthsmonthsMin = payoffMonthsMin + ' month'; }\nvar timeLengthsMin = timeLengthsyearsMin + ' and ' + timeLengthsmonthsMin;\nif (timeLengthsyearsMin == '' || timeLengthsmonthsMin == '') { timeLengthsMin = timeLengthsyearsMin + timeLengthsmonthsMin; }\nresultmessage.innerHTML += \"If you only paid the card's minimum monthly repayment, it would take \" + timeLengthsMin + \" to clear the debt, and cost \" + totalInterestMin.toLocaleString(\"en-GB\", {style:\"currency\", currency:\"GBP\",minimumFractionDigits: 2}) + \" in interest.\";\n}\n}\n\n\n\n\n\n\n\n\n} else {\nif (balance == 0) { ukfininput1.classList.add('is-invalid'); resultmessage.innerHTML = 'Please specify your outstanding balance. '; }\nif (interestRate == 0) { ukfininput2.classList.add('is-invalid'); resultmessage.innerHTML += 'Please specify your current interest rate. '; }\nif (monthlyRepayment == 0 && (minPercentage == 0 || minAmount == 0)) { ukfininput3.classList.add('is-invalid'); ukfininput4.classList.add('is-invalid'); ukfininput5.classList.add('is-invalid'); resultmessage.innerHTML += 'Please specify a monthly payment or the minimum payment requirements for your card. '; }\n}\n\n\n\n}\n\n<\/script><p><a class=\"u-btn u-btn--outline u-btn--primary\" href=\"https:\/\/www.finder.com\/uk\/credit-cards\/balance-transfer-credit-cards\">Compare balance transfer credit cards<\/a><\/p><h3>How does our calculator work?<\/h3><p><b>1.<\/b> Enter your current credit card balance and the annual interest rate you are charged.<\/p><p><b>2.<\/b> Enter a set amount you think you could aim to pay each month e.g. \u00a350.<\/p><p><b>3.<\/b> Enter your card&#8217;s minimum repayment percentage (check with your provider but this is usually between 1% and 3%).<\/p><p><b>4.<\/b> Enter your card&#8217;s minimum repayment amount. This is what you will pay this if it is higher than the percentage of your outstanding balance. <\/p><h3>What does the result mean?<\/h3><p>Our calculator shows how much long it would take you to become debt free by paying a fixed amount and how much this would cost you in interest payments. It then compares this to how long it would take you to become debt free if you were to just make the minimum required monthly repayments, and how much this would cost you in interest overall!<\/p><p>Typically, you&#8217;ll see that you can clear your balance in a far shorter timeframe by paying a fixed amount. Play around with the fixed amount and see the difference it could make &#8211; the more you can commit to, the quicker you will clear your debt and the less interest you will pay!<\/p><h3>What is a credit card minimum repayment<\/h3><p>A <a href=\"https:\/\/www.finder.com\/uk\/credit-cards\/credit-card-minimum-payment\">minimum repayment<\/a> is the lowest payment you are required to make on your credit card balance by the due date. It&#8217;s typically charged at either a percentage of the total balance or a set fee, whichever is higher. This is usually in the region of 1% to 3% of the balance or between \u00a35 and \u00a325. If you don&#8217;t pay on time, you will likely be charged a fee and it can damage your credit report. <\/p><h3>Why should you consider a fixed payment instead?<\/h3><p>The more you repay each month, the quicker you will clear your balance and the less you will pay in interest overall. If you fall into the habit of paying just the minimum payment, you&#8217;ll pay less as time goes on as it&#8217;s charged as a percentage of the remaining balance. Therefore, it will take you longer to clear!<\/p><article class=\"luna-card luna-card--primary\"><div class=\"luna-card__block\"><h4>Example: How long would it take to pay off credit card debt of \u00a31,316?<\/h4><p>Based on an interest rate of 26.2%, if you paid \u00a350 a month instead of the minimum amount (at 2.5%, your first payment would be \u00a333) on a balance of \u00a31,316, you could be debt-free in just over 3 years versus more than 10 years. It would also save you \u00a31,681 in interest. To slash your interest payments even further, you could take advantage of a <a href=\"https:\/\/www.finder.com\/uk\/credit-cards\/balance-transfer-credit-cards\">0% balance transfer deal<\/a> which gives you a fixed interest-free period, which could be up to 30 months.<\/p><p><small><strong>* This is a fictional, but realistic, example.<\/strong><\/small><\/p>\n\n\n<\/div><\/article>","protected":false},"excerpt":{"rendered":"<p>Use our calculator to find out how long it would take to clear your credit card balance by making the minimum required payments vs paying a fixed amount each month. <\/p>\n","protected":false},"author":195,"featured_media":540122,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[2112],"tags":[],"asset_tag":[],"class_list":["post-540106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - 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