Twenty quick tools for everyday money math — no sign-up, figures shown as you type.
See how long a balance takes to clear — and how much minimum payments really cost.
Minimum payments are usually a percentage of whatever the balance happens to be that month, so as the balance shrinks, so does the required payment — interest keeps compounding on a balance that's barely moving. A fixed payment stays the same every month, so more of it goes toward principal over time and the balance clears far faster for the same starting amount.